Switzerland looks to relax AML rules for FinTechs

The Swiss financial regulator is planning to relax anti-money laundering (AML) rules for "small" FinTechs, as part of a drive to promote innovation.

The Swiss Financial Market Supervisory Authority (FINMA) has issued a consultation on proposed changes to the FINMA Anti-Money Laundering Ordinance.

If approved, the changes, which were prompted by a new FinTech licence introduced by the Swiss parliament in June, would mean that small FinTechs will be subject to less onerous AML rules than established organisations.

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