FINMA to introduce anti-money laundering verification for cryptocurrency transactions

A small step forward in improving oversight of the cryptocurrency market is expected in Switzerland. The Swiss regulator has revised its anti-money laundering (AML) regulations to include identity verification requirements for transactions involving virtual currencies carried out in cash or through “other anonymous means of payment” exceeding 1,000 Swiss francs (approximately €1,012).

“FINMA has received numerous responses regarding the specification of the threshold for transactions involving virtual currencies,” the regulator stated. “In light of the risks and recent cases of abuse, FINMA maintains the rule requiring technical measures to prevent the 1,000 CHF threshold from being exceeded through linked transactions within a 30-day period.”

The new requirements will come into force in January 2023.