Financial Crime World

Switzerland’s Top Directors and Senior Management Face Increased Scrutiny Amidst AML and CFT Reforms

Switzerland Committed to Regular Monitoring of AML and CFT Measures

Zurich, Switzerland - The Swiss Confederation has announced its commitment to regular monitoring of its anti-money laundering (AML) and counter-terrorism financing (CFT) measures as part of its 5th round of mutual evaluation by the Financial Action Task Force (FATF). This move is expected to bring significant changes to the country’s regulatory framework, with a focus on enhancing due diligence, broadening the scope of obliged entities, and increasing enforcement actions.

Key Changes Expected in Switzerland’s Regulatory Framework

  • Enhanced due diligence
  • Broader scope of obliged entities
  • Increased enforcement actions

The proposed TLEA is expected to impact 500,000 legal entities across the country, including limited companies, associations, and foundations. Under TLEA, legal entities will be required to determine and record the details of their beneficial owners, including: * Full name * Birth date * Nationality * Residence * Relevant data pertaining to control

Moody’s Emphasizes Importance of Financial Institutions’ Compliance with Regulatory Changes

Moody’s, a leading provider of beneficial ownership data and AML/CFT compliance solutions, has emphasized the importance of financial institutions’ ability to address compliance and regulatory changes at pace. “We can support risk management, AML, and CFT compliance programs specific to the national regulations applicable to Switzerland or any other international regulatory framework,” said a spokesperson for Moody’s.

Moody’s Offers Comprehensive Solutions for Effective Risk Management and Compliance

Moody’s offers comprehensive data on beneficial ownership, advanced analytical tools, and expertise in due diligence and enhanced due diligence. With operations globally, the company provides valuable insights and specialist knowledge to businesses navigating complex AML/CFT requirements.

Conclusion

As Switzerland’s top directors and senior management face increased scrutiny amidst these reforms, it is essential for financial institutions to prioritize compliance and regulatory changes at pace. Moody’s stands ready to support businesses in this endeavor, offering a range of solutions to ensure effective risk management and AML/CFT compliance programs.