quora
Read More about fast-id page

Shufti globally launches webinr-icon - a new kind of identity solution!

Shufti globally launches - a new kind of identity solution!

Read more

Switzerland Endorses Rigorous AML Measures

Switzerland Endorses Rigorous AML Measures

Switzerland has introduced new anti-money laundering regulations to bolster financial institutes’ security and controls to combat financial crimes. 

Switzerland proposed new strict rules for registered business beneficial owners and companies. Submitting Ultimate Beneficial Owner (UBO) data provides financial institutes and regulatory authorities with a legal ownership framework. It would also enhance transparency in the corporate structure. The law enforcement authorities would promptly confirm the company’s actual owner. The legal framework reduces business-registering companies’ burden and accelerates onboarding. These new measures will also assist financial organisations in adequately verifying their business identities and complying with Know Your Customer (KYC) obligations. 

Switzerland’s financial sector is the world’s largest and most versatile banking industry, employing more than 200,000 people. Its financial sector makes up 9.7% of the country’s Gross Domestic Product (GDP), which is why it is a vital pillar of its economy. This also creates pressure on the Swiss government to manage world-cross-border assets adequately.  Switzerland regularly arranged meetings between financial institutes and regulatory authorities, including the partner Asian countries. To maintain its essential position in the global financial ecosystem, Switzerland must prevent abuse of its system and enhance investors’ loyalty to its AML solutions

Previously, Switzerland endorsed various strict regulations to raise the bar against money laundering, as it damages reputations and is also a source of terrorism and drug trafficking. The Swiss Finance Minister Karin Keller-Sutter stated, “The Switzerland anti-money laundering framework is considered good overall by international bodies, but there are gaps.” Therefore, Switzerland proposed these new measures to overcome these loopholes. These strict AML obligations are designed after analysing other countries’ legal frameworks without upsetting customers and investors. 

Moreover, the Swiss authorities are also considering comprehensive regulations for some legal professionals, such as lawyers, notaries, and accountants. They must conclude risk assessments of the customer and the beneficial owner by intent and the type of the transaction in cases where there is a higher risk of money laundering. Switzerland’s new AML checks are verified, and many countries have implemented them, which gives them effective results and protects them from various financial crimes. 

 

Suggested Reads: 

SWITZERLAND INTRODUCES NEW REGULATIONS TO CLAMP DOWN ON MONEY LAUNDERING

SWITZERLAND ILL-EQUIPPED IN FIGHT AGAINST WHITE COLLAR CRIMES: SFAO REPORT

SWITZERLAND FALLS BEHIND IN THE FIGHT AGAINST MONEY LAUNDERING

Related Posts

News

The Cayman Islands Lead Overseas Delegations Discussing Actions to be Removed from FATF’s Gray List

The Attorney General of Cayman, Samuel Bulgin, KC, and the Minister for Financial Services and Co...

The Cayman Islands Lead Overseas Delegations Discussing Actions to be Removed from FATF’s Gray List Explore More

News

China’s Fight Against Rampant Telecom Scams – Cracked 5,94000 Cases in Just 15 Months

China has passed a law to prevent telecom and online scams, allowing enforcement agencies to foll...

China’s Fight Against Rampant Telecom Scams – Cracked 5,94000 Cases in Just 15 Months Explore More

News

KYC/AML and Sanctions fines reach $5.6 billion mid-year for global financial institutions

The leading provider of digital transformation and client lifecycle management (CLM) solution, Fe...

KYC/AML and Sanctions fines reach $5.6 billion mid-year for global financial institutions Explore More

News

Global Drug, Money Laundering Hub Busted in Las Vegas

Federal law enforcement officials in Las Vegas have dismantled an international money laundering ...

Global Drug, Money Laundering Hub Busted in Las Vegas Explore More

News

Leaked Draft: EU Plans to Ban Privacy Enhancing Crypto Coins

CoinDesk has received a leaked draft of the money laundering bill, disclosing plans of the Europe...

Leaked Draft: EU Plans to Ban Privacy Enhancing Crypto Coins Explore More

News

Home Office Reveals 20% of UK Businesses are Affected by Fraud

An extensive survey of thousands of businesses between 2018 and 2022 determined that one in five ...

Home Office Reveals 20% of UK Businesses are Affected by Fraud Explore More

News

Anti-Money Laundering Laws Require NGOs to Disclose Their Funding Sources

Principal Secretary for Internal Security, Dr Raymond Omollo, has sent a directive to Non-Governm...

Anti-Money Laundering Laws Require NGOs to Disclose Their Funding Sources Explore More

News

Sri Lankan AMLO Fines a Bank and Two Finance Firms for Non-Compliance

Approximately two million rupees worth of fines were imposed on three financial institutions in S...

Sri Lankan AMLO Fines a Bank and Two Finance Firms for Non-Compliance Explore More

News

Japanese Govt. to Enshrine FATF Crypto AML Standards into National Law

The Japanese government is getting ready to incorporate the Financial Action Task Force (FATF) cr...

Japanese Govt. to Enshrine FATF Crypto AML Standards into National Law Explore More

News

Non-compliant Crypto Accounts will Face Immediate Closure from Banks – Says CBN

Nigerian banks are ordered to track and freeze non-compliant crypto accounts, while banks that fa...

Non-compliant Crypto Accounts will Face Immediate Closure from Banks – Says CBN Explore More

News

EU Confirms its Firm Stance on All Digital Currencies

The EU has confirmed its firm stance on all the digital currencies until the associated risks hav...

EU Confirms its Firm Stance on All Digital Currencies Explore More

News

European Union to Propose Amendments in AML Package for Corporate Transparency

The European Parliament has proposed a series of amendments to the Anti Money Laundering (AML) pa...

European Union to Propose Amendments in AML Package for Corporate Transparency Explore More

News

FinCEN Wants Banks to Submit SARs to Affiliates Under AML Act 2021

FinCEN proposed a new rule that will allow banks to share suspicious activity reports with foreig...

FinCEN Wants Banks to Submit SARs to Affiliates Under AML Act 2021 Explore More

News

UK Adopts new Methods to Fight Money Laundering Through Sanction Regime

The UK declared a new sanction regime against financial crimes like money laundering. According t...

UK Adopts new Methods to Fight Money Laundering Through Sanction Regime Explore More

News

China Makes Facial Recognition Mandatory For Smartphone Users

China is making it mandatory for all smartphone users who register new SIM cards to submit to fac...

China Makes Facial Recognition Mandatory For Smartphone Users Explore More

News

The UK’s NCA Establishes New Unit to Clamp Down on Corrupt Elites & Money Launderers

The UK’s National Crime Agency (NCA) created a new unit with the aim to target and investigate co...

The UK’s NCA Establishes New Unit to Clamp Down on Corrupt Elites & Money Launderers Explore More

News

FCA Puts its Foot Down Against Money laundering in Banking Sector

Financial Conduct Authority, FCA, is taking action against money laundering in the banking and fi...

FCA Puts its Foot Down Against Money laundering in Banking Sector Explore More

News

UK to Mandate the Declaration of Crypto Holdings in Self-Assessment Tax Return Forms

The UK government is looking to mandate the declaration of crypto holding in Self Assessment tax ...

UK to Mandate the Declaration of Crypto Holdings in Self-Assessment Tax Return Forms Explore More

News

Philippine Senator Files an Anti-Online Gambling Bill Aiming to Curb Financial Crimes

Philippine Senator Joel Villanueva filed a bill imposing a ban on online gambling to prevent fina...

Philippine Senator Files an Anti-Online Gambling Bill Aiming to Curb Financial Crimes Explore More

News

New York Files Lawsuit Against Juul Following California and North Carolina

New York state is joining California and North Carolina in suing e-cigarette company, Juul, on th...

New York Files Lawsuit Against Juul Following California and North Carolina Explore More

News

Bank of England fines Citigroup £44m Over Poor Financial Information

The Bank of England has fined the UK branch of the US bank, Citigroup, a record £44m because the ...

Bank of England fines Citigroup £44m Over Poor Financial Information Explore More

News

AUSTRAC New Risk Assessment Report on Banking Sector Warns Brokers of High ML/TF Risk

The brokers knowingly allowed the loans to be repaid with illicit funds, states the report.  AUST...

AUSTRAC New Risk Assessment Report on Banking Sector Warns Brokers of High ML/TF Risk Explore More

News

$8 Million Worth of Crypto Stolen From BitKeep Wallets

Cryptocurrencies worth $8 Million, including Binance Coin, Tether, Dai, and Ether, were stolen fr...

$8 Million Worth of Crypto Stolen From BitKeep Wallets Explore More

News

UAE Convenes Summit on Curbing Money Laundering and Terrorism Financing

The UAE convened an international summit on money laundering and terrorist financing prevention i...

UAE Convenes Summit on Curbing Money Laundering and Terrorism Financing Explore More

News

Russian Government to Fight Cybercrimes for Digital Economy

A report by TASS news agency states that the Russian government plans to develop a center to figh...

Russian Government to Fight Cybercrimes for Digital Economy Explore More

News

Biden Going After Crypto Tax Evaders with Data Sharing Initiative

President Biden’s administration is proposing global cooperation to curb the threat of crypto-rel...

Biden Going After Crypto Tax Evaders with Data Sharing Initiative Explore More

News

California to Reopen its Economy with COVID Vaccine and Testing Requirements

After more than a year of COVID-19 restrictions, the State of California to finally reopen its ec...

California to Reopen its Economy with COVID Vaccine and Testing Requirements Explore More

News

NSW Make Reforms to Counter Money Laundering and Gambling

The New South Wales government embraces new reforms to counter the issue of money laundering and ...

NSW Make Reforms to Counter Money Laundering and Gambling Explore More

News

FINMA Allows Chip Scanning and Geolocation for Digital Customer Onboarding

The FINMA now enables the scanning of microchips inserted in biometric ID documents as an element...

FINMA Allows Chip Scanning and Geolocation for Digital Customer Onboarding Explore More

News

Effective Measures are Needed to Tackle Money Laundering and Terrorist Financing, Says EMLCU’s Head

The Union of Arab Banks arranged the three-day anti-money laundering and terrorist financing even...

Effective Measures are Needed to Tackle Money Laundering and Terrorist Financing, Says EMLCU’s Head Explore More

News

Singapore Introduces Face Verification for National ID Service

Not just authentication, but facial verification is mandatory for anyone who is using the nationa...

Singapore Introduces Face Verification for National ID Service Explore More

News

Study Reveals Alabama to be the Center for Identity Theft and Fraud

According to the latest study, Alabama has become the state with one of the highest rates of iden...

Study Reveals Alabama to be the Center for Identity Theft and Fraud Explore More

News

The UK Law Firms Approve the Use of AI in AML Armoury

The Legal Sector Affinity Group is the governing body of all the UK’s legal regulatory and repres...

The UK Law Firms Approve the Use of AI in AML Armoury Explore More

News

Lithuanian Government Approves Amendment to Strengthen Digital Currency Regulations

Lithuania is on the verge of becoming the first country in Europe to pass strict laws on digital ...

Lithuanian Government Approves Amendment to Strengthen Digital Currency Regulations Explore More

News

Australia Lags Behind in Extending FATF’s AML/CFT Recommendations to DNFBPs

Australia is sending a signal to welcome global financial criminals for business in its lawyers, ...

Australia Lags Behind in Extending FATF’s AML/CFT Recommendations to DNFBPs Explore More

News

Qatar to Develop National Strategies for Combating Financial Crimes

Qatar has developed vigorous strategies to combat expected financial crimes during the FIFA World...

Qatar to Develop National Strategies for Combating Financial Crimes Explore More

News

European Union Drafts Crypto Transfer Legislation to Curb Money Laundering

The European Union has introduced legislation to identify crypto transfers as part of wider anti-...

European Union Drafts Crypto Transfer Legislation to Curb Money Laundering Explore More

News

Taiwan Initiates Industry Association to Regulate Cryptocurrency Sector

Nine crypto exchange platforms formed a group to create an industry association to regulate Taiwa...

Taiwan Initiates Industry Association to Regulate Cryptocurrency Sector Explore More

News

BSP Seeks to Tighten Rules on Reporting ML/TF Threats

The Bangko Sentral ng Pilipinas (BSP) is seeking to tighten guidelines on reporting threats relat...

BSP Seeks to Tighten Rules on Reporting ML/TF Threats Explore More

News

Vietnam Enhances Anti-Money Laundering Laws to Prevent Financial Crimes

Vietnam regulatory departments are redefining their AML compliance measures to supervise cryptocu...

Vietnam Enhances Anti-Money Laundering Laws to Prevent Financial Crimes Explore More

News

Dutch Authorities Seize $29 Million in Cryptocurrencies After Money Laundering Investigation

$29 million in crypto were seized over the last few months in money laundering investigations car...

Dutch Authorities Seize $29 Million in Cryptocurrencies After Money Laundering Investigation Explore More

News

$8.6 Million Worth of Syrian Sanctions Settled by a French Bank

A French bank, Union de Banques Arabes et Françaises has paid the 8.6 million USD for violating o...

$8.6 Million Worth of Syrian Sanctions Settled by a French Bank Explore More

News

El Salvador’s Adoption of Bitcoin as Legal Tender Raises ML/TF Risks

El Salvador has become the first country to accept Bitcoin as a legal tender.  On 8 June 2021, El...

El Salvador’s Adoption of Bitcoin as Legal Tender Raises ML/TF Risks Explore More

News

Rapstar Captured for His Role in Wire Fraud Scheme

A famous rapper from Chicago with his crew members was caught and charged in court for using the ...

Rapstar Captured for His Role in Wire Fraud Scheme Explore More

News

Pacific Financial Intelligence Unit Collaborates to Combat Money Laundering

The Financial Intelligence Unit of the Pacific region arranged the meeting last week to enhance t...

Pacific Financial Intelligence Unit Collaborates to Combat Money Laundering Explore More

News

Compliance Specialists Remind Letting Agents to Meet HMRC Deadline

The real estate industry in the UK is being constantly reminded that the deadline for registering...

Compliance Specialists Remind Letting Agents to Meet HMRC Deadline Explore More

News

Media Industry Suffer Huge Increase in Cyber-Attacks

The media industry is increasingly under the threat of cyberattacks. It suffered 17 billion crede...

Media Industry Suffer Huge Increase in Cyber-Attacks Explore More

News

Denmark’s Gambling Authority Issues Reminder for AML Duties

All licensed businesses are reminded to report suspicious transactions that may be indicative of ...

Denmark’s Gambling Authority Issues Reminder for AML Duties Explore More

News

Philippines: Banks Reminded to Closely Monitor and Report Suspicious Transactions

Philippines ramps up efforts to step out of the FATF’s grey list and reminds banks to monitor and...

Philippines: Banks Reminded to Closely Monitor and Report Suspicious Transactions Explore More

News

Cyber Crime Spreads in Australia as COVID-19 Pushes More People Online

The Australian Cyber Security Center (ACSC) revealed that they received one cybercrime report eve...

Cyber Crime Spreads in Australia as COVID-19 Pushes More People Online Explore More

News

Singapore Plans to Amend Laws to Arrest Money Mules Facilitating Scams

Singapore authorities have decided to amend laws for prosecuting money mules facilitating financi...

Singapore Plans to Amend Laws to Arrest Money Mules Facilitating Scams Explore More

News

Filipino crypto scammers are impersonating government officials for profit

A Filipino finance entity warns against the supposed crypto Ponzi scheme Bitcoin Revolution, blam...

Filipino crypto scammers are impersonating government officials for profit Explore More

News

UK’s National Audit Claims FCA Takes Slow Crypto Enforcement Actions

The UK’s National Audit stated that the Financial Conduct Authority (FCA) has all the rights to c...

UK’s National Audit Claims FCA Takes Slow Crypto Enforcement Actions Explore More

News

The Age Verification Software Market to Experience Tremendous Growth by 2025

The increasing number of scams in today’s virtual world needs a better verification system. Prote...

The Age Verification Software Market to Experience Tremendous Growth by 2025 Explore More

News

FEMA Confirms Seizure of 288 Crore Funds of Chinese-owned NBFC

The FEMA has confirmed the seizure of 288 crores worth of funds of a “Chinese-owned” ...

FEMA Confirms Seizure of 288 Crore Funds of Chinese-owned NBFC Explore More

News

EU Limits Use of Cash and Cryptocurrency to Curb Financial Fraud

The European Union (EU) has issued new measures to limit use of cash and cryptocurrencies to tack...

EU Limits Use of Cash and Cryptocurrency to Curb Financial Fraud Explore More

News

Signature Bank under Criminal Investigation

US prosecutors are investigating the relation of Signature Bank with crypto clients as regulators...

Signature Bank under Criminal Investigation Explore More

News

Formal Warning Issued to Westpac Over AML Failures, RBNZ Discloses

The bank underreported 8000 corporate transactions made overseas between July 2018 and February 2...

Formal Warning Issued to Westpac Over AML Failures, RBNZ Discloses Explore More

News

Hong Kong opens up its first online-only bank

According to reports, ZA Bank, the first online bank in Hong Kong, opened up on Tuesday (March 24...

Hong Kong opens up its first online-only bank Explore More

News

NAB Updating KYC Data of 9M Customers

Project Apollo has been initiated by NAB in an attempt to meet AML obligations.  In August 2021, ...

NAB Updating KYC Data of 9M Customers Explore More

News

UK to End “Golden Visa” Regime to Tackle Money Laundering

The UK is looking to scrap its so-called “Golden Visa” regime in a short period as Russian action...

UK to End “Golden Visa” Regime to Tackle Money Laundering Explore More

News

AMLA Adds New Protections and Financial Incentives for US Whistleblowers

Anti Money Laundering Act 2020, has amended the recently enacted AML whistleblower improvement ac...

AMLA Adds New Protections and Financial Incentives for US Whistleblowers Explore More

News

Chinese Watchdog Taking Action Against Many in the Massive Bank Fraud

The biggest bank fraud in China pushed the government to arrest hundreds of suspects. Regulators ...

Chinese Watchdog Taking Action Against Many in the Massive Bank Fraud Explore More

News

CIBC Fined C$1.3M by Canadian Anti-Money Laundering Authority

Canadian regulatory authorities imposed a $1.3m penalty on the Canadian Imperial Bank of Commerce...

CIBC Fined C$1.3M by Canadian Anti-Money Laundering Authority Explore More

News

DIA Warns Auckland Real Estate for Lax Money Laundering Prevention

The department of Internal Affairs has issued a formal warning to Auckland’s real estate company ...

DIA Warns Auckland Real Estate for Lax Money Laundering Prevention Explore More

News

Sberbank Warns Russians; Cybercrime Cost the Nation $49bn in 2020

According to Russia’s largest state-owned bank, Sberbank, the total amount the citizens along wit...

Sberbank Warns Russians; Cybercrime Cost the Nation $49bn in 2020 Explore More

News

UK and UAE Take Steps in Joint Efforts to Combat Money Laundering

In the UAE-UK Partnership to Tackle Illicit Financial Flows, the two countries are in talks about...

UK and UAE Take Steps in Joint Efforts to Combat Money Laundering Explore More

News

FATF International Cooperation Review Group Meet in Mauritius to Discuss UAE’s Position on the Gray List

Despite ongoing financial crime, the US and several other Western countries have paid no heed to ...

FATF International Cooperation Review Group Meet in Mauritius to Discuss UAE’s Position on the Gray List Explore More

News

Money Laundering and Drug Trafficking Account for Illicit Flow of US$ 1 Billion into Jamaica Annually

Reports have highlighted that money laundering, drug trafficking, and cybercrimes account for the...

Money Laundering and Drug Trafficking Account for Illicit Flow of US$ 1 Billion into Jamaica Annually Explore More

News

China Strides Forwards with New KYC Rules to Rein Money laundering

China is stepping up to fight its long-running battle against financial crimes such as money laun...

China Strides Forwards with New KYC Rules to Rein Money laundering Explore More

News

Amended Secrecy Law to Help Philippines Exit the Grey-List

The Philippines has proposed amendments to the Banking Secrecy Law to regulate financial accounts...

Amended Secrecy Law to Help Philippines Exit the Grey-List Explore More

News

Wealthy Americans Targeted by U.S. in Panama Tax-fraud Probe

Financial authorities in the US obtained a legal mandate to acquire information about wealthy cit...

Wealthy Americans Targeted by U.S. in Panama Tax-fraud Probe Explore More

Take the next steps to better security.

Contact us

Get in touch with our experts. We'll help you find the perfect solution for your compliance and security needs.

Contact us

Request demo

Get free access to our platform and try our products today.

Get started