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.
On 1 June 2015, the Swiss Bankers Association (SBA) presented the revised version of the agreement on the Swiss banks’ code of conduct with regard to the exercise of due diligence (CDB 16). A revision of the CDB 08 had become necessary due to the forthcoming changes in the Anti-Money Laundering Act “AMLA” and the FINMA Anti-Money Laundering Ordinance.
The adaption to the recommendations of the FATF required the most comprehensive revision of the Swiss Anti Money Laundering regulation since 1998. Based on the amended Anti-Money Laundering Act (AMLA), FINMA fully revised the FINMA Anti-Money Laundering Ordinance (AMLO-FINMA). AMLA and AMLO-FINMA will enter into effect on 1 January 2016.