Anti-Money Laundering Requirements for Various Payment Activities

Overview

This article outlines the types of payments or money transmission activities that are subject to anti-money laundering (AML) requirements. It also highlights exceptions to these requirements.

Types of Payments Subject to AML Requirements

The following types of payments or money transmission activities are subject to AML requirements:

Cash Payments

• Persons trading in goods who receive payment in cash or by means of a crypto-asset and the amount involved is CHF 10,000 or more are subject to AML requirements.

Crypto-Asset Transactions

• TT service providers who provide various services related to crypto-assets, such as:
  • Token issuance
  • Exchange
  • Depositary
  • Loan
  • Trading platform operation
  • Administration
  • Transfer of crypto-assets are subject to AML requirements.

Artwork Transactions

• Persons trading or acting as intermediaries in the trade of artworks where the value of the transaction amounts to CHF 10,000 or more are subject to AML requirements.

Exceptions to AML Requirements

The following exceptions may apply:

Low-Risk Transactions

• Small transactions that do not pose a significant risk of money laundering or terrorist financing may be exempt from AML requirements.

Transactions with Low-Value Goods

• Transactions involving goods of low value, such as small purchases of everyday items, may not require AML compliance.

Note

The specific exceptions and requirements may vary depending on the jurisdiction and the type of business or activity involved.