FINMA opens consultation on AMLO-FINMA

Dr. Günther Dobrauz Partner and Leader Legal, PwC Switzerland 29 Aug 2018

In mid-June 2018, the Parliament decided to create a new licence category in the Banking Act to promote innovation in the financial markets sector. On August 28th 2018, the Swiss Financial Market Supervisory Authority FINMA opened a consultation of the revised AMLO-FINMA until the 26th October 2018. 

Background

In mid-June 2018, the Parliament decided to create a new licence category in the Banking Act to promote innovation in the financial markets sector. In the future, the so-called "Fintech licence" is intended to enable institutions to accept public funds worth up to CHF 100 million without any investment or interest possibilities. Institutions in the new Fintech category will also be subject to the Anti-Money Laundering Act and the corresponding due diligence obligations.

Organizational relaxations for small institutions in the AMLA sector

Since the Fintech licence will mainly be used by smaller institutions, FINMA proposes certain organizational relaxations for such institutions in a selective revision of the FINMA Anti-Money Laundering Ordinance (AMLO-FINMA) based on the Banking Ordinance. In particular, small institutions, understood as institutions whose gross revenue is below the threshold of CHF 1.5 million, should be exempted from the obligation to set up an independent anti-money laundering unit with monitoring duties (Art. 25 AMLO-FINMA).

Consultation on the revised FINMA Anti-Money Laundering Ordinance

On August 28th 2018, the Swiss Financial Market Supervisory Authority FINMA opened a consultation of the revised AMLO-FINMA until the 26th October 2018. The revised AMLO-FINMA is to enter into force together with the partially revised Banking Act on January 1st 2019.

 

What's next?

Market participants are invited to provide FINMA with appropriate feedback on the revised AMLO-FINMA by October 26th 2018.

 

Contact Us

Dr. Günther Dobrauz

Partner and Leader Legal, Zurich, PwC Switzerland

+41 58 792 14 97

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Tina Balzli

Partner, Head Banking, Legal, Zurich, PwC Switzerland

+41 58 792 15 54

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Dr. Jean-Claude Spillmann

Director, Head Asset & Wealth Management and Banking Regulatory, Legal, Zurich, PwC Switzerland

+41 58 792 43 94

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Jessica Merola

Senior, Legal, Zürich, PwC Switzerland

+41 58 792 2221

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