Switzerland to impose highest AML standard in Europe

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The Swiss government has proposed new anti-money laundering regulations that will be stricter than those in the rest of Europe.

The new regulations will increase oversight of legal entities like trusts and hold solicitors, consultants, and banks to a higher standard of accountability for reporting, examining, and controlling risks. Following a consultation, the regulations are expected to be presented to parliament in 2024.

Switzerland has a history of serving as a haven for criminals to hide their money, but they are making an effort to change this perception. Over a hundred nations routinely exchange bank account information with the nation.

Read More: Switzerland to impose highest AML standard in Europe

TalkFintech Bureau
TalkFintech Bureauhttps://talkfintech.com
TalkFintech is focused on the latest financial sector technologies and tools- covering all tech used by banks, investors, insurance, and wealth management sectors- and also conversations on retail financial management tools.

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