Compliance

Important changes in the revised Anti-Money Laundering Act

The Swiss Federal Council published the draft law and the related message concerning the planned revision of the Anti-Money Laundering Act (AMLA) on 26 June 2019 after the consultation period ended.

Banks and the changing nature of fraud

To effectively predict and detect fraudulent activity, banks must recognize the wide range of tools at criminals’ disposals and the technological and social developments that are making fraudsters’ jobs easier.
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The Swiss trusts controversy

Use of trusts is widespread in English-speaking countries. Foreign trusts are both in demand and in use in Switzerland as well. On 13 March 2019, the National Council debated whether trusts should be included in the Swiss legal framework.
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The role of corporate culture in the fight against money laundering

Driven by high regulatory requirements and expectations, scandals that have become public, expensive investigations as well as the underlying reputational risks, financial institutions have been investing heavily into their anti-money laundering setups.
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Money laundering: high risk countries also in Europe

The Financial Action Task Force is constantly updating its country risk assessment. Whilst the list of high-risk jurisdictions include the usual suspects, there is surprisingly one European country on the list, making this is another challenge to be tackled by financial intermediaries.
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Combating money laundering: Switzerland shifts to a higher gear

The Swiss Federal Council has ratified the FDF’s draft of the Anti-Money Laundering Act (AMLA) in June 2018 and issued the corresponding draft for consultation until 21 September 2018. The planned amendments to the AMLA address the weaknesses identified by the Financial Action Task Force.