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Switzerland re-thinking its AML regime

The federal council reported that a potential amendment of the anti-money laundering regime was being analysed.

This announcement comes after the EU noted on its AML report that the Swiss regime was insufficient and potentially harmful to the Union.

In addition, the regime comes as a reaction to the 2016 mutual evaluation report which showed deficiencies in the handling of financial intermediaries, trading of precious metals advisors and trust services providers.

The amended regime will require advisors and other professionals to report suspicions (even as per reported information, due diligence is not yet required).

The regime (if approved) will enter into effect by 2021.

Source

https://www.riskscreen.com/kyc360/news/switzerland-looks-to-fill-gaps-in-aml-regime/

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Jaime Prieto

Mr. Jaime Prieto is a lawyer experienced in Financial Crime, Anti-Money Laundering and Counter Terrorism Financing having extensive professional experience in both public and private sectors. Mr. Prieto has been a Head of Compliance in the European Union, the Americas and the Caribbean for banks, trust companies, asset managers, Big Four audit and advisory firms, RegTechs, government agencies and other types of financial professionals. In addition to his experience, he has been legal and educational chair in several compliance and sectorial organisations and performed as a teacher and speaker for a number of organisations and in several local and international forums. Furthermore, Mr. Prieto is an experienced Money Laundering Reporting Officer anda Data Protection officer with additional experience in risk management.
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