Dossier on money laundering prevention

In the year under review, FINMA analysed numerous offered and planned services in the crypto area. It provided the institutions with further details of its expectations in relation to the money laundering regulations, including in consultation with the self-regulatory organisations responsible for the money laundering supervision of numerous providers.

Preventing money laundering plays an important role in the prevention of crime. Well-functioning anti-money laundering measures are also essential to the success of the financial centre. As part of its supervisory activity, FINMA strives to prevent money laundering.

The Swiss financial centre is a leading global cross-border wealth management hub for private clients. This makes it particularly exposed to money-laundering risks. 

Effective conduct supervision builds trust in Switzerland as a financial centre. FINMA once again set its focus on combating money laundering and terrorist financing during 2020, particularly in connection with blockchain-based transactions.

Preventing money laundering plays an important role in the prevention of crime. A well -functioning anti-money laundering mechanism is also essential to the success of the financial centre. As part of its supervisory activity, FINMA strives intensively to prevent money laundering.

According to the Risk Monitor published for the first time in December 2019, money laundering remains one of the principal risks for FINMA’s supervised institutions and the Swiss financial centre.

The Swiss financial centre is a leading global cross-border wealth management hub for private clients. This makes it particularly exposed to money-laundering risks.

In 2018 FINMA concluded its investigations and proceedings against institutions involved in recent global corruption and money-laundering scandals (Malaysian sovereign wealth fund 1MDB, FIFA, Petrobras).

In recent years, banks and asset managers have been involved in numerous money laundering affairs in relation to major corruption scandals. With regard to combating money laundering, FINMA therefore focused its supervisory activities on how institutions deal with international money-laundering cases.

FINMA’s strategic aim is to have a long-term positive influence on institutions’ conduct in preventing money laundering. It therefore makes concerted efforts in the areas of supervision and enforcement to prevent money laundering.

The Anti-Money Laundering Act (AMLA) specifies the procedures a financial intermediary should follow if it suspects assets might be illegal.

FINMA has set itself the goal of achieving a sustained impact on institutions in their efforts to prevent money laundering. Its focus in 2017 was on institutions’ reporting systems and their risk management.

The Financial Action Task Force (FATF) conducted its fourth country review of Switzerland from 2015 to 2016. It examines a country’s anti-money laundering and counter-terrorist financing system, with a particular focus on financial market regulation.