KCN: SWITZERLAND: NEW ANTI-MONEY LAUNDERING LAW

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SWITZERLAND: NEW ANTI-MONEY LAUNDERING LAW

Switzerland has passed a new anti-money laundering law. The new Financial Services Act (FinSA) and Financial Institutions Act (FinIA) oblige the Swiss Financial Market Supervisory Authority FINMA to pass a number of implementing provisions, which are mainly technical in nature. FINMA is therefore presenting a new, streamlined ordinance, amending current ordinances and circulars and abolishing three circulars. FINMA will hold a consultation on the follow-up regulation up to 9 April 2020. According to Finma. The article also states that the new FINMA ordinance regulates the details of professional indemnity insurance for portfolio managers, trustees and managers of collective assets, details on calculating the de minimis threshold for gaining authorisation as a portfolio manager, and on risk management and internal control system for managers of collective assets. In addition, FINMA must amend current FINMA ordinances and circulars and will abolish three circulars that have become redundant. Stay with us. The news release partner STEX.com.

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