Swiss Financial Market Supervisory Authority proposes lowering customer identification thresholds for trading cryptocurrencies

The Swiss Financial Market Supervisory Authority (FINMA) is aware of the increased risk of money laundering in the cryptocurrency field and proposes to reduce the customer identification threshold for cryptocurrency transactions in the Anti-Money Laundering Regulations from 5,000 Swiss francs to 1,000 Swiss francs. It is reported that the new Financial Services Act (FinSA) and the Financial Institutions Act (FinIA) have entered into force on January 1, 2020, and FINMA will conduct public consultation on the new regulations before April 9, 2020.