Understanding AML Compliance in Switzerland
How AML Regulations are Handled in Switzerland
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Anti-Money Laundering Act (AMLA): This federal act applies to financial intermediaries and outlines the responsibilities for combating money laundering and terrorist financing, emphasizing due diligence in financial transactions.
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FINMA Anti-Money Laundering Ordinance (AMLO-FINMA): Issued by the Swiss Financial Market Supervisory Authority (FINMA), this ordinance specifies how financial intermediaries should fulfill their obligations to prevent money laundering and terrorist financing.
For more information on these laws and their implementation, you can visit the FINMA website.
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Industries Impacted by AML Regulations
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Compliance Requirements for Businesses
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Who do AML regulations apply to?
In Switzerland, AML regulations apply to a broad range of businesses including:
Credit Unions
Financial Services
Fintech
Real Estate
Accounting Firms
Legal
Crypto
Insurance
Mortgages
Community Banks
Tokenization
General Industries
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What Business Need for AML Compliance
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![What Business Need For AML Compliance](https://icomplyis.com/wp-content/uploads/2023/12/What-Business-Need-for-AML-Compliance-7.png)
Implementing an Effective AML Program in Switzerland
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![Implementing An Effective AML Program In Switzerland](https://icomplyis.com/wp-content/uploads/2023/12/Implementing-an-Effective-AML-Program-in-Switzerland-1.png)
![Reporting Requirements In Switzerland](https://icomplyis.com/wp-content/uploads/2023/12/Reporting-Requirements-in-Switzerland-1.png)
Reporting Requirements in Switzerland
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For more information on Switzerland’s AML reporting requirements, refer to the Swiss Financial Market Supervisory Authority (FINMA) and Money Laundering Reporting Office Switzerland (MROS) websites.
![Reporting Requirements In Switzerland](https://icomplyis.com/wp-content/uploads/2023/12/Reporting-Requirements-in-Switzerland-1.png)
AML Regulators in Switzerland
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Swiss Financial Market Supervisory Authority (FINMA): FINMA is responsible for ensuring AML compliance within the financial sector. It adopts a risk-based approach and possesses extensive supervisory and investigatory powers.
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Money Laundering Reporting Office Switzerland (MROS): As part of the Federal Office of Police, MROS plays a pivotal role in analyzing and processing Suspicious Transaction Reports (STRs) and coordinates with both national and international authorities in combating money laundering and terrorist financing.
![AML Regulators In Switzerland](https://icomplyis.com/wp-content/uploads/2023/12/AML-Regulators-in-Switzerland-1.png)
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