Switzerland Introduces New Anti-Money Laundering Regulations
Zurich, Switzerland - The Swiss government has introduced new anti-money laundering regulations aimed at strengthening the country’s financial integrity and combating terrorism financing.
Enhanced Transparency and Prevention of Illegal Activities
Under the revised regulations, financial intermediaries will be required to conduct periodic checks and updates on client information, regardless of risk level. This includes:
- Verifying the identity of contracting parties
- Verifying the beneficial owners
- Updating client profiles to reflect any changes
The new rules also impose stricter requirements on non-profit organizations, requiring them to:
- Register with the commercial register if they engage in commercial activities or have their accounts audited
- Maintain a list of members, including:
- Full name
- Business name
- Address
- Ensure that the list is accessible within Switzerland at all times
Strengthening Financial Integrity and Reputation
The changes are designed to address transparency gaps and prevent illegal activities in the financial sector. According to [Name], a leading expert in financial regulation, “These new regulations demonstrate Switzerland’s commitment to combating money laundering and terrorism financing. They will help to strengthen the country’s reputation as a stable and secure financial hub.”
Effective Date and Scope
The revised regulations come into effect on [Date] and apply to all financial intermediaries operating in Switzerland, including:
- Banks
- Asset managers
- Wealth management firms
Key Takeaways:
- Financial intermediaries must conduct periodic checks and updates on client information, regardless of risk level.
- Non-profit organizations must register with the commercial register if they engage in commercial activities or have their accounts audited.
- Associations must maintain a list of members, including full name, business name, and address, and ensure accessibility within Switzerland.
For More Information:
Contact [Name] at [Email] or [Phone] for further information on how these regulations may impact your organization.