Swiss financial regulator expands reporting requirements for crypto transactions
FINMA says it is sticking to an AML order requiring identity checks for cash virtual currency transactions or "other anonymous means of payment" exceeding 1000 Swiss francs.
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The Swiss Financial Market Supervisory Authority, or FINMA, has announced that it will extend an anti-money laundering ordinance that requires identity checks to report certain crypto transactions.
In a November 2 notice, the Swiss financial regulator said it would impose a threshold of 1,000 Swiss francs (approximately $997 at press time) for virtual currency transactions in cash or "other anonymous means of payment". According to FINMA, the regulator made the adjustment in accordance with the country's anti-money laundering law and its government's anti-money laundering ordinance.
“FINMA has received many responses regarding the specification of the threshold for transactions with virtual currencies,” the regulator said. "Given the risks and recent cases of abuse, FINMA sticks to the rule that technical measures are necessary to prevent the threshold of CHF 1,000 from being exceeded within thirty days for linked transactions."
Teilrevision Geldwäschereiverordnung: #FINMA präzisiert die Berechnung des Schwellenwertes bei Wechselgeschäften mit virtualen Währungen. https://t.co/LyymQcSFEf pic.twitter.com/dlWkT8i4iQ
— Eidgenössische Finanzmarktaufsicht FINMA (@FINMA_media) November 2, 2022The Swiss financial regulator began enforcing a reporting threshold for unidentified virtual currency transactions of CHF 5,000-1,000 in January 2020 in response to "increased money laundering risks" in cryptocurrencies. .
FINMA says it is sticking to an AML order requiring identity checks for cash virtual currency transactions or "other anonymous means of payment" exceeding 1000 Swiss francs.
New
The Swiss Financial Market Supervisory Authority, or FINMA, has announced that it will extend an anti-money laundering ordinance that requires identity checks to report certain crypto transactions.
In a November 2 notice, the Swiss financial regulator said it would impose a threshold of 1,000 Swiss francs (approximately $997 at press time) for virtual currency transactions in cash or "other anonymous means of payment". According to FINMA, the regulator made the adjustment in accordance with the country's anti-money laundering law and its government's anti-money laundering ordinance.
“FINMA has received many responses regarding the specification of the threshold for transactions with virtual currencies,” the regulator said. "Given the risks and recent cases of abuse, FINMA sticks to the rule that technical measures are necessary to prevent the threshold of CHF 1,000 from being exceeded within thirty days for linked transactions."
Teilrevision Geldwäschereiverordnung: #FINMA präzisiert die Berechnung des Schwellenwertes bei Wechselgeschäften mit virtualen Währungen. https://t.co/LyymQcSFEf pic.twitter.com/dlWkT8i4iQ
— Eidgenössische Finanzmarktaufsicht FINMA (@FINMA_media) November 2, 2022The Swiss financial regulator began enforcing a reporting threshold for unidentified virtual currency transactions of CHF 5,000-1,000 in January 2020 in response to "increased money laundering risks" in cryptocurrencies. .
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