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Switzerland: Regulator to ease rules for fintech firms

 |  August 29, 2018

The Swiss Financial Market Supervisory Authority (Finma) is planning to loosen antimoney laundering rules for smaller financial technology firms, part of a drive to boost innovation and shore up the country’s position as a leading money management hub.

The revisions, prompted by a new “fintech” licensing category carved out by the parliament in June, will clarify how nonbanks applying for the new licence must ensure due diligence.

“As a rule, all financial institutions are subject to similar due-diligence requirements relating to combating money laundering. However, as most fintech licence applicants are likely to be smaller institutions, Finma proposes to introduce some organisational relaxations for such institutions,” the financial supervisor said on Tuesday, August 28.

Full Content: Euro News

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