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.
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.
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.