Blockchain Firms Must Respect AML Laws, Swiss Say

Law360 (August 26, 2019, 6:04 PM EDT) — Swiss regulators on Monday published guidance affirming that blockchain-based businesses must follow the country’s stringent anti-money laundering standards as the nation granted its first two banking licenses to such businesses.

Stating that it recognizes the innovative potential of new technologies for financial markets, the Swiss Financial Market Supervisory Authority cautioned that the anonymous nature of blockchain technology presents money-laundering opportunities for criminals and terrorists.

The agency, known as FINMA, said it will apply financial laws regardless of the underlying technology. The regulatory body described its approach as “technology neutral.”

“However, blockchain-based business models cannot be allowed to circumvent the existing regulatory…

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.

  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!

TRY LAW360 FREE FOR SEVEN DAYS

Be the first to comment

Leave a Reply