AML / KYC
Our AML/KYC related conference project address among other things:
Know-Your-Customer rules: How to apply existing and forthcoming regulations addressing on-boarding procedures, what are the relevant information & redflags to look for, how to deal with Personally Exposed Persons (PEPs), when and what are you required to report Suspicious Transaction Reports (STRs) to the Financial Investigation Units (FIUs)?
Anti-Money Laundering: What transactions, industry sectors, clients, countries are at risk? What are the AML legal threashold? What is the responsibility of financial institutions, corporate services providers, wealth planners, Trustees?
Federal Council initiates consultation on amending Financial Market Supervision Act and other legislation concerning international cooperation
20 September 2024
During its meeting on 20 September 2024, the Federal Council decided to initiate a consultation on amending the Financial Market Supervision Act and other pieces of legislation. The aim of the legislative amendments is to adapt the Swiss legal framework for international cooperation in the financial market sector to both the current circumstances and the needs of Switzerland's financial centre.
IIR international supplementary tax to come into force in 2025
04 September 2024
During its meeting on 4 September 2024, the Federal Council decided to bring the income inclusion rule (IIR) into force with effect from 1 January 2025. This international supplementary tax will complement the Swiss supplementary tax (QDMTT) already introduced in 2024. Both tax rules will ensure that tax receipts stay in Switzerland, rather than flowing abroad, and provide legal certainty.
Federal Council adopts dispatch on agreement with the United Kingdom on mutual recognition in financial services
04 September 2024
At its meeting on 4 September 2024, the Federal Council adopted the dispatch on the approval of an agreement between Switzerland and the United Kingdom (UK) on mutual recognition in financial services. The agreement boosts competitiveness and fosters the close cooperation between the two major international financial centres.
Interim solution for withholding tax on too-big-to-fail instruments
21 August 2024
During its meeting on 21 August 2024, the Federal Council approved a temporary extension of the special rules on withholding tax for too-big-to-fail (TBTF) instruments to 31 December 2031. This ensures that banks can continue to obtain capital from within Switzerland on competitive terms, thereby contributing to financial stability. At the same time, the temporary nature of the extension ensures that the legislator is able to formulate a definitive regulation as part of the overall package of TBTF measures.
Federal Council adopts dispatch on double taxation agreement with Jordan
21 August 2024
During its meeting on 21 August 2024, the Federal Council adopted the dispatch on the approval of a double taxation agreement (DTA) with Jordan. The agreement will create legal certainty and favourable conditions for the further development of bilateral economic relations and tax cooperation between the two countries.
Federal Council initiates consultation on determination of partner states for the AEOI concerning cryptoassets
14 August 2024
During its meeting on 14 August 2024, the Federal Council initiated the consultation on the determination of partner states for the automatic exchange of information (AEOI) concerning cryptoassets. The Federal Council wants to use the bill to determine from when Switzerland should automatically exchange information on cryptoassets with which partner states. The consultation procedure will close on 15 November 2024.
Federal Councillor Karin Keller-Sutter attends meeting of the finance ministers of the German-speaking countries
13 August 2024
On 13 August 2024, Federal Councillor Karin Keller-Sutter attended the meeting of the finance ministers of the German-speaking countries in Lochau, Austria. The discussions centred on strengthening competitiveness and financial policy aspects of the climate transition.
Switzerland at G20 Finance Ministers Meeting in Rio de Janeiro
24 July 2024
On 25 and 26 July 2024, State Secretary Daniela Stoffel will attend the meeting of G20 finance ministers and central bank governors in Rio de Janeiro. The delegation will also include Swiss National Bank Chairman Thomas Jordan. Topics such as the global economic and debt situation, the stability and further development of the international financial architecture and international tax issues will be addressed at the meeting under Brazil's Presidency of the G20.
Switzerland and EU resume dialogue on financial market regulation
04 July 2024
On 4 July 2024 in Berne, the State Secretariat for International Finance (SIF) and the European Commission resumed their dialogue on financial market regulation, which had been suspended since 2017.
Switzerland and United States agree on mutual exchange of financial account data
27 June 2024
Switzerland and the United States signed a new FATCA agreement in Bern on 27 June 2024. Switzerland currently provides financial account data to the United States on a unilateral basis. In the future, it will also receive corresponding information from the United States within the framework of an automatic exchange of information. The change of model is expected to apply from 2027.
Federal Council appoints Martin Schlegel as Chairman of SNB Governing Board
26 June 2024
During its meeting on 26 June 2024, the Federal Council appointed Martin Schlegel as Chairman of the Governing Board of the Swiss National Bank. He will succeed Thomas Jordan. Antoine Martin will be Vice Chairman. Petra Tschudin, previously Alternate Member of the SNB Governing Board, will join the Governing Board.
Federal Council confirms implementation of final Basel III standard with effect from 1 January 2025
26 June 2024
During its meeting on 26 June 2024, the Federal Council took note of the international implementation of the final Basel III standard for banks. The amendment to the Capital Adequacy Ordinance (CAO), which will enshrine the standard in Swiss law, will enter into force on 1 January 2025 as planned.
Federal Councillor Karin Keller-Sutter meets Saudi Arabia's Minister of Finance, Mohammed Al Jadaan
20 June 2024
On 20 June 2024 in Zurich, Federal Councillor Karin Keller-Sutter, Head of the Federal Department of Finance (FDF), received her Saudi counterpart, Mohammed Al Jadaan, for a working visit. The two ministers opened the bilateral financial dialogue between Switzerland and Saudi Arabia, and exchanged views on developments in the financial sector and the most important international financial and tax issues.
Federal Council notes financial sector's progress in preventing greenwashing
19 June 2024
During its meeting on 19 June 2024, the Federal Council took note of the financial sector's new self-regulatory provisions to combat greenwashing. These are a step forward in the implementation of the Federal Council's position on preventing greenwashing in the financial sector. The Federal Council will examine further state provisions, taking ongoing regulatory developments in the European Union into consideration.
Federal Council launches consultation on amendments to the Financial Market Infrastructure Act
19 June 2024
During its meeting on 19 June 2024, the Federal Council decided to initiate the consultation on amendments to the Financial Market Infrastructure Act (FinMIA). The proposed changes take account of technological advances and relevant developments in international standards and foreign legislation. They should strengthen the stability of the financial system and increase the competitiveness of the Swiss financial centre. The consultation will run until 11 October 2024.
Progress in implementing open finance in Switzerland
19 June 2024
During its meeting on 19 June 2024, the Federal Council was informed by the Federal Department of Finance (FDF) about the most recent open finance developments in Switzerland. The latest advances made by the industry are considered sufficient at this time, so that there is no need for further regulatory measures to be proposed. The FDF will continue to closely monitor developments in the financial sector as a whole based on the targets set by the Federal Council in December 2022.
Federal Council adopts dispatch on double taxation agreement with Angola
14 June 2024
During its meeting on 14 June 2024, the Federal Council adopted the dispatch on the approval of a double taxation agreement (DTA) with Angola. The agreement will create legal certainty for the further development of bilateral economic relations and tax cooperation between the two countries.
Federal Council adopts dispatch on amendment of double taxation agreement with Germany
14 June 2024
During its meeting on 14 June 2024, the Federal Council adopted the dispatch on the protocol of amendment to the double taxation agreement (DTA) with Germany. The protocol adapts the DTA to various changes in the needs of the contracting states and implements the minimum standards from the base erosion and profit shifting (BEPS) project with regard to DTAs.
Federal Council initiates consultation on new Federal Act on the International Automatic Exchange of Information on Salary Data
07 June 2024
During its meeting on 7 June 2024, the Federal Council initiated the consultation on the Federal Act on the International Automatic Exchange of Information on Salary Data. The Federal Council is thus laying the legal foundations for implementing the exchange of information set down in agreements with France and Italy. The consultation will run until 27 September 2024.
Switzerland and Italy sign permanent tax rules for home working
06 June 2024
Federal Councillor Karin Keller-Sutter and Italy's Minister of Economy and Finance, Giancarlo Giorgetti, signed an amending protocol to the existing cross-border commuter agreement. The protocol regulates the taxation of home working for cross-border commuters for the long term.