B-11-01 Circ.-FINMA 11/1

In its ruling HG210122-O, the Zurich Handelsgericht rejected a company's claim for damages against a former private bank, on the grounds that no prior offence had been proven and that the bank had fulfilled its obligations in terms of combating money laundering. The company alleged that it had been defrauded by one of its suppliers in connection with a sale of fertilisers, as the products ordered never arrived. Part of the funds from this sale was transferred to a third-party[...]

On 28 February 2024, the Federal Office of Police's Interdepartmental Coordination Group on Combating Money Laundering and the Financing of Terrorism (Fedpol) presented its second report on the money laundering risks associated with digital assets (i.e. digital assets based on blockchain technology such as Bitcoin or Ethereum). The report is of interest to financial intermediaries active in this area - in particular compliance functions - and proposes various recommendations to improve the fight against money laundering. It also highlights certain[...]

In ruling 6B_1176/2022 of December 5, 2023, the Swiss Federal Supreme Court overturns the acquittal of the former Chairman of the Board of Directors of a bank by the Court of Appeal of the Swiss Federal Criminal Court on the charge of violation of the duty to report under art. 37 para. 2 AMLA. The background is as follows. Albert was CEO of a bank from September 1, 2008 to September 30, 2012, before becoming Chairman of the Board of[...]

On October 19, 2023, the FATF published its fourth enhanced follow-up report on Switzerland since the 2016 mutual evaluation. The report is limited to Switzerland's progress in improving its compliance with Recommendations 10 (due diligence) and 40 (international cooperation). The FATF has highlighted three main improvements (two in connection with recommendation no. 10, one in connection with recommendation no. 40). The first is the amendment, with effect from January 1, 2023, of art. 4 para. 1 AMLA, which now expressly[...]