Welcome
Securities Law News

Blockchain Adds to Swiss Money Laundering Risks, Finma Warns (1)

Dec. 10, 2019, 10:18 AM

Switzerland’s financial regulator warned the nation is “particularly exposed” to money laundering risks given its traditional role as a magnet for the world’s wealthy as well as emerging threats from blockchain and banks’ lower profit margins.

Blockchain, which provides a digital record of all transactions on it, may tempt banks with efficiency gains but its anonymity and speed appeals to money launderers, the regulator warned in its 2019 Risk Monitor report. Squeezed margins may also be pushing some banks to accept new clients who are financially appealing but hail from emerging countries that present “strong risks,” Finma said.

“We want...

To read the full article log in. To learn more about a subscription click here.