Swiss Government Implements Tightened Anti-Money Laundering Law

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Sunday, March 1, 1992
Pg. 85
On February 4, 1992, the Swiss Government’s Banking Commission promulgated new guidelines effective May 1 pursuant to a Swiss law that was enacted in 1990. Under the law, Swiss banks must investigate the source of large deposits from new customers to determine whether money from illegal transactions is being laundered. Swiss banks must be diligent to obtain the identity of new customers and spot suspicious transactions under the penalty of criminal punishment…[more]