FINMA is opening the consultation period for the draft on the harmonisation of the FINMA Anti-Money Laundering Ordinance. Drawn up by the respective predecessor institutions, the three current FINMA anti-money laundering ordinances in force have been combined in this draft of the ordinance. The ordinance is directed at all financial intermediaries falling under the Anti-Money Laundering Act. The deadline for submitting comments on the draft Anti-Money Laundering Ordinance and the accompanying report is 12 July 2010.
The Ordinance on the Professional Practice of Financial Intermediation (VBF, available in German, French and Italian) specifies when a person is considered to be a financial intermediary in the non-banking sector. On the other hand, the Circular on Financial Intermediation under the Anti-Money Laundering Act (AMLA) defines the VBF provisions and sets down FINMA's scope of application within the area of anti-money laundering as specified in the AMLA. The practice is based closely on that followed by the former Anti-Money Laundering Control Authority. In accordance with the VBF, certain accessory services no longer fall under the Anti-Money Laundering Act. The Circular stipulates under which conditions this is the case. (For further details on the amendments made, see the report on the key points of the Financial Intermediation Circular). Since the VBF and the Circular largely mirror the practice followed by the former Anti-Money Laundering Control Authority, it was decided not to prepare an explanatory report.
This Circular is based on Art. 12 VBF, which authorises FINMA to issue the implementing provisions, and the brief commentary of the Federal Finance Administration (FFA) on the Ordinance. The deadline for submitting comments is 12 July 2010. FINMA is planning for the Circular to come into force in October 2010.
Tobias Lux, Media Spokesperson, Phone +41 (0)31 327 91 71, firstname.lastname@example.org