The new Anti-Money Laundering Ordinance-FINMA will enter into force on 1 January 2020. Affected institutions should deal with the increased requirements at an early stage and not underestimate the effort required for the implementation of individual, tightened obligations.
Stricter self-regulation is an important building block in the fight against money laundering and terrorist financing. What are the implications of the revised due diligence standards for financial intermediaries?
Many of Switzerland’s banks haven’t yet adopted the FX Gobal Code. But the tide is changing. Some regulators such as the Swiss National Bank recently signed a Statement of Commitment to the FX Global Code and announced its expectation that its counterparties do the same.