FINMA lowered the threshold values in its AML Ordinance to CHF 1,000 for cryptocurrency transactions

The Swiss Financial Market Supervisory Authority (FINMA) announced on February 7th 2020 in its Anti-Money Laundering Ordinance (AMLO-FINMA) that ID will be required for cryptocurrency transactions over CHF 1,000 instead of CHF 5,000, which means that FINMA acknowledged the “heightened money-laundering risks” in cryptocurrency transactions.

The amended law aims to implement the international standards. In the EU, the Fifth Anti Money Laundering Directive (5AMLD) also came into force this January, notably requiring strict customer information reporting.

How to comply with the current regulation? Contact Scorechain crypto AML experts here: