You can see the rules and regulations in other jurisdictions.
On 31 August 2022, the Federal Council amended the Anti-Money Laundering Act (AMLA) and the Anti-Money Laundering Ordinance (AMLO) with effect from 1 January 2023.1
In March 2021, Parliament approved an amendment to the AMLA that provides for measures for financial intermediaries concerning beneficial ownership, client data updates, and suspicious activity reports.2
Since 2016, the FINMA Circular 2016/7 'Video and Online Identification' has allowed financial service providers to adopt a fully digitised onboarding process. The Circular became effective on 18 March that year, putting in place AML requirements for onboarding customers through digital channels. It applies directly to financial intermediaries, and as long as they fulfil specific criteria, they can do so using video transmission. As such, the rules were included in the Swiss Bankers Association's latest edition of due diligence rules released in 2020.3
Artificial intelligence in financial products
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