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Regulatory Requirements for Financial Institutions in Switzerland Heat Up in 2022
The Swiss financial landscape is bracing for a busy year as various laws, regulations, and organizational guidelines come into effect or are revised. As the world transitions to new norms, financial stability, sustainability, and customer protection have become top priorities for legislators and regulators.
Sustainable Finance Takes Center Stage
New Regulations and Guidelines
The entry into force of new legal provisions aimed at protecting individuals and the environment has brought sustainable finance back in focus. Switzerland and the EU have introduced additional transparency guidelines and regulations regarding climate risks and preventing greenwashing.
Key Points:
- New legal provisions to protect individuals and the environment
- Additional transparency guidelines and regulations on climate risks and greenwashing
AML Act Brings Changes to Financial Crime Sector
Harmonized Regulations Across Member States
The new AML Act has been implemented, requiring financial institutions to adapt their Anti-Money Laundering Ordinance (AMLO-FINMA) to meet new standards. The European Union’s new Authority for anti-money laundering is expected to bring harmonized regulations across Member States.
Key Points:
- New AML Act implemented
- Adaptation of AMLO-FINMA to meet new standards
- Harmonized regulations across EU Member States
Sanctions and Tax Developments
Implications of Russia and Belarus Sanctions
Switzerland and the EU have imposed sanctions on Russia and Belarus in response to the war in Ukraine, marking a significant development in this area. The Federal Act on the Implementation of International Tax Agreements has entered into force, aligning Switzerland’s tax framework with international developments.
Key Points:
- Imposition of sanctions on Russia and Belarus
- Alignment of Switzerland’s tax framework with international developments
Digital Regulation Takes Shape
Landmark Legislation Regulating Crypto Assets
The European Union has agreed on landmark legislation regulating crypto assets and certain Distributed Ledger Technology (DLT) service providers. The legislative process is expected to be completed later this year.
Key Points:
- Landmark legislation regulating crypto assets
- Regulatory framework for DLT service providers