Switzerland to expand anti-money laundering regulations around cryptocurrencies | The Financial Express

Switzerland to expand anti-money laundering regulations around cryptocurrencies

According to Cointelegraph, through a November 2, 2022, notice, the Switzerland financial regulator stated that it would initiate a threshold of 1,000 Swiss francs for transactions of virtual currencies to cash or other forms of payment

Switzerland to expand anti-money laundering regulations around cryptocurrencies
It is believed that FINMA will increase the adjusted ordinance and regulations, which are expected to go into effect in January, 2023

The Swiss Financial Market Supervisory Authority, or FINMA, has made the announcement or expansion of an anti-money laundering (AML) ordinance which needs identity checks for reporting certain cryptocurrency transactions, as reported by Cointelegraph.

According to Cointelegraph, through a November 2, 2022, notice, the Switzerland financial regulator stated that it would initiate a threshold of 1,000 Swiss francs for transactions of virtual currencies to cash or other forms of payment. Insights provided by FINMA showed that the regulator made adjustments on the basis of the country’s AntI Money Laundering Act and its government’s Anti-Money Laundering Ordinance. 

“FINMA received numerous responses concerning the specification of the threshold for transactions with virtual currencies. In view of the risks and recent instances of abuse, FINMA stands by the rule that technical measures are needed to prevent the threshold of CHF 1000 from being exceeded for linked transactions within thirty days,” the regulator mentioned.  

Moreover, Cointelegraph noted that the Swiss financial regulator started enforcing a reporting threshold for unidentified digital currency transactions from 5,000 ($4,944) to 1,000 CHF ($988) in January, 2020, with regard to reported increase in cryptocurrency-based money-laundering regulations. It is believed that FINMA will increase the adjusted ordinance and regulations, which are expected to go into effect in January, 2023.

(With insights from Cointelegraph)

Also Read: DEX-based Skyward Finance faces exploitation worth 1.1 million Near Protocol tokens

Follow us on TwitterFacebookLinkedIn

Get live Share Market updates and latest India News and business news on Financial Express. Download Financial Express App for latest business news.

First published on: 03-11-2022 at 17:24 IST