FINMA Extends Anti-Money Laundering Rules for Crypto Transactions
Key Points
The Swiss Financial Market Supervisory Authority (FINMA) has expanded its anti-money laundering (AML) regulations to include stricter identity checks for certain crypto transactions.
Regulatory Context
FINMA's updated ordinance now applies to crypto transactions exceeding 1,000 Swiss francs (approximately $997) when converting virtual currencies to cash or other anonymous payment methods. This adjustment aligns with Switzerland's Anti-Money Laundering Act and the government's AML Ordinance.
Implications
The new threshold aims to enhance transparency and prevent illicit financial activities in the crypto space. This move reflects Switzerland's commitment to maintaining robust financial regulation while addressing risks associated with digital assets.
FINMA's decision underscores the growing global focus on regulating cryptocurrencies to combat money laundering and ensure compliance with international AML standards.
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