New mandatory identification for senders of $1000 in crypto

by in Cryptocurrency News

Switzerland FINMA rules

The Swiss Financial Market Supervision Authority has announced new amendments aimed at combating money laundering. Now, when carrying out cryptocurrency transactions on the exchange for an amount of more than a thousand francs (about $1,024), it will be necessary to pass identification, according to the regulator’s website.

Related: FATF decided to tighten control over the bitcoin industry

Previously, this threshold was five thousand francs ($5123). Thus, FINMA intends to bring the regulation in line with the recommendations of the Financial Action Task Force on Money Laundering (FATF), developed last June.

The regulator also emphasized that this step is dictated by the increased risks of money laundering in the crypto industry. FINMA previously stated that blockchain and cryptocurrencies increased the risk of money laundering through Switzerland, which became a threat to the country's reputation.

The new amendments change the laws on financial services and financial institutions, which entered into force from the beginning of the year.

A discussion of the need for further amendments is scheduled for April 9th.