Switzerland to Require ID for Crypto Operations Over $1K

 

The Swiss Financial Market Supervisory Authority (FINMA) passed an anti-money laundering provision on February 7. Considering laundering risks, the threshold for unidentified crypto-asset exchange operations is reduced for 5 times (from 5000 to 1000 CHF; around $1000 USD).

FINMA comes right after the adoption of the new Financial Services Act and Financial Institutions Act, which entered into force on January 1 of the current year. In regards to these acts, the aforementioned provision introduced the revised ordinance and is expected to hold a consultation on follow up regulation until April 9 of this year.

Swiss national regulations’ normalization with the Financial Action Task Force directives from June 2019 is named to be 1 of the main changes of the new provision. As it states, for unidentified crypto-asset exchange operations, a new max single operation limit of $1000 USD has been set by the international body.

According to new requirements, all financial providers, which are involved in crypto coins, must collect data on anyone who will make operations of more than $1,000 USD. In accordance with the press release, all the gathered data must be regularly submitted to the authorities for review.

This initiative is part of an international trend pushing for stricter anti-money laundering regulation. As its press release states, FINMA is “acknowledging the heightened money-laundering risks” in crypto operations.

 

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