TheMerkle_FINMA Swiss Banks Money Laundering

Switzerland has proven to be a prominent region for blockchain and cryptocurrencies. That situation may come to change soon, following some new AML guidelines.

It is evident that authorities are concerned about cryptocurrencies.

More AML Restrictions in Switzerland

This is especially apparent when it comes to money laundering and tax evasion.

FINMA, the Swiss Financial Market Supervisory Authority, has come up with new guidelines.

They are primarily interested in transactions related to cryptocurrency exchanges.

Any transfer above $1,020 will be subject to additional verification. 

Any transaction below this amount can be executed without any identity verification at all.

This still makes it seemingly easy for novice users to acquire small amounts of crypto assets.

When it comes to withdrawing large amounts, an identity verification procedure must take place.

Information obtained from these procedures needs to be submitted to FINMA on a regular basis for further review.

It appears this information will also be used for tax…

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Source: https://themerkle.com/finma-approves-new-aml-guidelines-for-crypto-exchange-transactions/