The risk of cryptocurrency money laundering is getting more and more attention, and even Switzerland, which has been regarded as a "good place for cryptocurrencies," is now tightening regulations on cryptocurrency transactions.
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The Swiss Financial Market Supervisory Authority (FINMA) passed an anti-money laundering regulation on February 7. Due to additional risks, the threshold for unidentified cryptocurrency transactions that require authentication has been reduced from 5,000 Swiss francs to 1,000 Swiss francs (approximately $ 1,020).
The clause was promulgated after the new Financial Services Act and Financial Institutions Act came into effect on January 1. FINMA has introduced revised regulations for these bills and will negotiate subsequent regulations until April 9. .
One of the main changes in the new regulations is that, from June 2019, the Financial Action Task Force (FTF) or FATF directives have standardized Swiss national regulations. International organizations have a maximum transaction limit of $ 1,000 for unidentified cryptocurrency exchange operations.
All financial providers involved in cryptocurrencies must collect data for any transaction that originates in excess of $ 1,000. This information must be regularly submitted to the authorities for review.
The initiative is part of a global trend that drives stricter anti-money laundering regulations. According to its press release, by implementing the instruction, FINMA "recognized the increased risk of money laundering" in cryptocurrency transactions.
The European Union has also implemented the fifth anti-money laundering directive (5AMLD), which went into effect this year. The new rules specifically target certain types of cryptocurrency transactions, especially the demanding reporting of customer information.