The most important respective acts are the finma antimoney laundering ordinance gwv finma, available in german, french and italian only, the ordinance on professional practice of financial intermediation vbf, available in german, french and italian only and the finma circular 20111 financial intermediation under the. So far, finma has not provided further guidance on this potential option. Federal act on the swiss financial market supervisory. Antimoney laundering in 19 jurisdictions worldwide 20. In addition, the amendment will incorporate findings by finma in the performance of its supervisory and enforcement duties. Federal act on combating money laundering and terrorist. The proposed amendments are part of a wider package of followup measures that respond to points raised in the fatfs report. Revised finma antimoney laundering ordinance caplaw. Authority finma also has the discretion to apply the rules on the fintech licence to businesses holding more than chf 100 million on deposit in particular cases if client protection is ensured by specific measures article 1b 5 banka. Both acts will create uniform competitive conditions for financial intermediaries and improve client protection. Antimoney laundering ordinance in german pdf, 191 kb report on respondents input in german pdf, 448 kb mme will provide forms and processes adapted to the fully revised finma antimoney laundering ordinance and in cooperation with kyc spider implement on time as well the innovations with regard to the identification process. It represents, therefore, a compilation from her complete writings. Similarly, no beneficial owner must be reported if the indirect owner of the acquico is a publicly listed company.
The most important respective acts are the finma antimoney laundering ordinance gwv finma, the ordinance on professional practice of financial intermediation vbf, and the finma circular 20111 financial intermediation under amla available in german, french and italian only. Afbs comments draft finma gwvordinance foreign banks in. Issuu is a digital publishing platform that makes it simple to publish magazines, catalogs, newspapers, books, and more online. Since entities under article 1 b of the banking act are expected to be small institutions, less stringent organisational requirements than those applicable to banks are proposed below certain. The now stricter selfregulatory agreement is an important component of the swiss countermeasures for the fight against money laundering and terrorist financing. Supervisory authority finma for the unification of the three money laundering ordinances issued by the finma arbeitsgruppe fusionsprojekt gwv finma 20012002 member of the group of experts appointed by the swiss federal banking commission sfbc for the amendment of the money laundering prevention guidelines. Ordinance on combating money laundering and terrorist. The 12 currently available sros in switzerland are licensed and supervised by finma. The purpose of the planned amendment to the finma antimoney laundering ordinance amlo finma is to instigate remedial measures to ensure that switzerland can successfully exit the enhanced followup procedure. Antimoney laundering ordinance, amlo january 2016 kpmg. Welcome to the swiss financial market supervisory authority finma. All the documents listed here may be saved in your personal download list and downloaded in all the usual formats word, excel, powerpoint, pdf, zip. The financial intermediary may mandate in writing persons and companies to identify contractual.
Due to the sharp increase of icos in 2017, finma like financial market regulators in. The swiss financial market supervisory authority finma is putting the fully revised finma antimoney laundering ordinance into effect on 1 january 2016. The partial revision of amlo finma sets out the duties of due diligence for future fintech licence holders entities under art. It is the ripened fruit of the life of one whom god has greatly blessed as his messenger, to the glory of his name and the upbuilding of this movement from its beginning. The revision of this ordinance has taken both the revised antimoney laundering act and internationally ad. Switzerland combats money laundering and terrorist financing based on the provisions set forth in the amla4 since the enactment of the latter in. Caplaw201845on 18 july 2018, finma published its revised antimoney laundering ordinance the amlo finma. The swiss financial market supervisory authority finma has revised its anti money laundering ordinance amlofinma. Furthermore, finma calls on the banks to take account of the fatf statement concerning iran when applying article 17 gwv finma 1 sr 955. Antimoney laundering ordinancefinma kpmg switzerland. Financial services act and financial institutions act. The revision to the finma antimoney laundering ordinance amlo finma is one of the measures required so that switzerland can successfully exit this procedure. Finma publishes its fully revised antimoney laundering. Nonprofessional financial intermediaries nonprofessional membership financial intermediaries in the alternative finance parabanking sector who are not professionally active under the terms of gwv, i.
In a report pdf on the regulatory treatment of initial coin offerings released by finma on friday, the regulatory body clarified that icos are currently not governed by any specific regulation. Swiss antimoney laundering ordinance finma 1 financial services 1 table of contents 1. Financial intermediaries have to adapt their internal organizational guidelines in order to implement the new due diligence obligations. Antimoney laundering ordinance finma january 2019 antimoney laundering ordinance finma unofficial translation of the ordinance of the swiss financial market supervisory authority on the prevention of money laundering and the financing of terrorism antimoney laundering ordinance finma, amlo finma. We use cookies to offer you a better experience, personalize content, tailor advertising, provide social media features, and better understand the use of our services. Article 5 branch offices or affiliated group companies abroad. Gotthold ephraim lessing was a german writer, philosopher, dramatist, publicist, and art critic, and one of the most outstanding representatives of the enlightenment era. Ordinance of the swiss financial market supervisory. Finma set the ordinance into force on january 1, 2016. Download the unofficial translation of the ordinance here. Gwv finma the financial market laws and the financial. We take up the opportunity to comment on aspects which are of particular relevance for.
1218 174 1621 1219 680 779 639 1396 1463 640 1127 696 530 716 1098 1631 1112 1336 865 430 285 621 1028 1020 1016 1151 925 10 976 628 1349