Switzerland: Report on the Observance of Standards and Codes—FATF Recommendations for Anti-Money Laundering and Combating the Financing of Terrorism

September 10, 2007

Preview Citation

Format: Chicago

Switzerland: Report on the Observance of Standards and Codes—FATF Recommendations for Anti-Money Laundering and Combating the Financing of Terrorism, (USA: International Monetary Fund, 2007) accessed November 24, 2024

Summary

This paper reviews Observance of Standards and Codes on the Financial Action Task Force (FATF) Recommendations for Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) for Switzerland. The paper discusses that The Federal Banking Commission (CFB) is the oversight body for banks, securities dealers, and fund managers in Switzerland. The intermediaries under its control may also join a self-regulatory organization that can set minimum standards. Nevertheless, the power to specify the rules for implementing the LBA (Loi sur le blanchiment d’argent) and to enforce those rules is essentially reserved to the oversight authority.

Subject: Anti-money laundering and combating the financing of terrorism (AML/CFT), Crime, Financial institutions, Insurance companies, Legal support in revenue administration, Money laundering, Nonbank financial institutions, Revenue administration

Keywords: Anti-money laundering and combating the financing of terrorism (AML/CFT), CR, Customer requests recording, Due diligence, Insurance companies, ISCR, Legal support in revenue administration, Money laundering, Nonbank financial institutions, Ordering customer, Penal code, Prosecution authorities, Supervisory authority

Publication Details

Pages:

25
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2007/309
Stock No:

1CHEEA2007009
ISBN:

9781451807394
ISSN:

1934-7685

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