Supervision & AML Requirements

The AML/KYC requirements apply to financial intermediaries which are persons who on a professional basis accept, hold assets belonging to others or who assist in the investment or transfer of such assets.

To fulfill AML supervision requirements financial intermediaries will be supervised by the regulator or a SRO.

A financial intermediary has to comply with AML/KYC duties and obligations.

Identifying the individual person is required before entering into business transaction. The identification process may be outsourced to a third party provider.

The requirements apply to the declaration regarding the beneficial owner of assets.

Financial intermediaries can onboard clients via video transmission. FINMA has therefore put the video identification of the contracting party equal to in-person identification.

Financial intermediaries can onboard clients via online transmission. The online identification equates to identification through correspondence.

Duty to clarify the economic background and purpose of transaction or business relationship.

KYC/AML duties may be outsourced or delegated to third parties.

FINMA’s finding over the last years indicates that money laundering and securities regulation are the most relevant to ICOs. Does AML apply to all token types?