Financial Crime World

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Swiss Firms Must Train Employees on Anti-Money Laundering Measures

In an effort to combat money laundering and terrorist financing, Switzerland has passed legislation requiring financial institutions to implement strict anti-money laundering (AML) measures. FINTRUST AG, a leading provider of financial services in Switzerland, is subject to these regulations and has taken steps to ensure compliance.

Compliance with Swiss Federal Act on Combating Money Laundering and Terrorist Financing

Under the Swiss Federal Act on Combating Money Laundering and Terrorist Financing in the Financial Sector (MLA), FINTRUST must:

  • Identify its customers and establish the beneficial owner’s identity
  • Provide regular AML training to relevant employees to ensure they are equipped to identify and prevent money laundering activities

FINTRUST’s Approach to Anti-Money Laundering

FINTRUST has made combating money laundering and terrorist financing a top priority. The company:

  • Regularly screens against sanctions lists in the jurisdictions where it operates
  • Has established a robust risk-based approach to assessing and managing the risks of money laundering and terrorist financing

AML Policy and Procedures

FINTRUST’s AML Policy sets out the minimum standards that must be complied with, including:

  • Appointment of a Money Laundering Reporting Officer (MLRO)
  • Establishment of risk-based customer due diligence procedures
  • Maintenance of appropriate records for prescribed periods
  • Provision of training and awareness to all relevant employees

Sanctions Policy

FINTRUST is prohibited from transacting with individuals, companies, or countries that are on prescribed sanctions lists. The company’s Sanctions Policy ensures that it screens against these lists in the jurisdictions where it operates.

Partnerships and Secure Storage

In addition to its internal measures, FINTRUST has established partnerships with licensed service providers and financial intermediaries to ensure the secure storage of customer funds and cryptocurrencies.

AML Training Program

FINTRUST’s AML training program aims to educate employees on:

  • The importance of identifying and preventing money laundering activities
  • The risks associated with failing to comply with AML regulations

By investing in employee training, FINTRUST is able to mitigate the risk of being used to facilitate financial crime and ensure a safe and secure environment for its customers.