Switzerland relaxes anti-money laundering due diligence rules for small fintech firms
04 Jan 2019

Swiss financial regulator FINMA has introduced a relaxed anti-money laundering regime for smaller financial technology firms as it looks to promote innovation.

The companies will still be subject to the Anti-Money Laundering Act, under the new licensing category – known as the FinTech licence – in Article 1b of the Banking Act.

From January 2019, institutions with this licence can accept public deposits of up to CHF 100 million, provided that they do not invest or pay interest on them.

“FINMA has set out the corresponding due diligence requirements in the FINMA Anti-Money Laundering Ordinance and conducted a consultation on this topic. The revised provisions will come into force on 1 January 2019,” the regulator said.

“As a rule, all financial institutions are subject to similar due diligence requirements relating to combating money laundering. However, as the changes to the Banking Act will particularly affect smaller institutions, FINMA is introducing some organisational relaxations for such low-risk institutions with low gross revenues.”

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