New Swiss Federal Banking Commission Money Laundering Ordinance

The Swiss Federal Banking Commission (SFBC) has issued a money laundering Ordinance which contains more stringent due diligence requirements for banks, managers of funds and securities dealers regulated by the SFBC. The Ordinance will become effective on July 1, 2003 and replace the 1998 Money Laundering Guidelines. The fact that the SFBC has enacted an Ordinance to replace existing Guidelines is an indication that the Swiss regulatory framework is moving out of the "soft law" approach…[more]