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Swiss Financial Regulators Crack Down on Money Laundering with Stringent AML Regulations

The Swiss government has implemented a comprehensive framework of legislation aimed at combating money laundering and terrorist financing in the country’s financial sector.

The Anti-Money Laundering Act

At the heart of this effort is the Anti-Money Laundering Act, which applies to financial intermediaries such as banks, insurance companies, and securities dealers. Under this act, these institutions are required to:

• Exercise due diligence in their financial transactions, ensuring that they are not unwittingly facilitating illegal activities.
• Establish robust customer identification procedures.
• Conduct thorough risk assessments.
• Report any suspicious transactions to the authorities.

The Anti-Money Laundering Ordinance

The Anti-Money Laundering Ordinance provides further detail on the professional practice of financial intermediation, outlining specific requirements for due diligence and reporting duties. This ordinance is designed to ensure that financial institutions are fully aware of their obligations under anti-money laundering regulations and take all necessary steps to prevent money laundering and terrorist financing.

FINMA’s Guidance

FINMA, Switzerland’s independent financial market supervisor, has also issued its own ordinance on anti-money laundering, which sets out the specific measures that financial intermediaries must take to implement their anti-money laundering obligations. These measures include:

• Establishing internal policies and procedures for identifying and reporting suspicious transactions.
• Providing training for employees on anti-money laundering best practices.

Conclusion

Overall, Switzerland’s AML regulations are designed to ensure a high level of transparency and accountability in the country’s financial sector, while also protecting the integrity of the global financial system.