Switzerland: new anti money laundering rules from 1 July 2003
Switzerland is to get new Regulations and guidelines. But there is still no amendment of one of the more dubious aspects of the underlying law.
The Swiss Federal Banking Commission and the Swiss Bankers' Association have simultaneously published new regulations and guidelines respectively. The new guidelines come into force in 1 July 2003 and the new Regulations, which will eventually replace all the current (1998) regulations will come into force gradually over the year starting the same date.
One significant change is the requirement for all banks other than small businesses to have computerised transaction monitoring systems.
Also, the Regulations do not make a change to the law which gives Swiss bankers the "right" not an obligation to reports suspicious transactions.
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