On 4 September, FINMA proposed new AML rules, for beneficial ownership.
- Follows fourth round mutual evaluation of Switzerland's AML provisions by FATF.
- Due to shortcomings, country entered the FATF enhanced follow-up procedure.
- Amendments are part of wider package of measures in response to FATF report.
- Package was summarized in a 28 June 2017, release issued by Federal Council.
- Amendments include follow-up measures formulated in response to evaluation.
Beneficial Ownership
- Proposals included rules on verification of information for beneficial ownership.
- Financial intermediaries have duty to verify beneficial information on all clients.
- Including for low risk clients, and firms must regularly updates the information.
- Proposed flexible implementation, on verification methods used by Swiss firms.
- Specified the obligations for intermediaries having foreign branch or subsidiary.
- FINMA lowered cash thresholds for verification, from CHF 25,000 to CHF15,000.
Effectiveness
- Comments are due by 16 October 2017.
