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Fintech Market Overview

This article does not constitute legal advice.

Digital onboarding in Switzerland

Fintech Software

31 August 2022, the Federal Council brought the revised Anti-Money Laundering Act (AMLA) and the amended Anti-Money Laundering Ordinance (AMLO) into force with effect from 1 January 2023.1

Parliament adopted the amendment to the AMLA in March 2021. The revision provides for measures for financial intermediaries in the areas of beneficial ownership, updating of client data and suspicious activity reports concerning money laundering.2

Since 2016, financial service providers have been able to carry out fully digitised onboarding of clients in accordance with FINMA Circular 2016/7 'Video and Online Identification', which entered into force on 18 March 2016 and stipulates AML requirements with regard to the onboarding process of clients via digital channels. The Circular applies directly to financial intermediaries. Subject to adherence to specific requirements, financial intermediaries may onboard clients by means of video transmission. The rules were transferred into the 2020 edition of the Swiss Bankers Association's due diligence rules.3

Artificial intelligence in financial products

Fintech in Switzerland

Fintech in other countries

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Maxim Minaev

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Notes
  1. https://www.admin.ch/gov/en/start/documentation/media-releases.msg-id-90145.html
  2. https://www.newsd.admin.ch/newsd/message/attachments/72817.pdf
  3. https://thelawreviews.co.uk/title/the-financial-technology-law-review/switzerland
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