New Regulatory Requirements
Background of the regulatory requirements
The “Financial Action Task Force” – (FATF) is a working group of the Organization for Economic Co-operation and Development in Europe (OECD). The FATF’s goal is to combat all types of threats to or abuses of the integrity of the international financial system.
The FATF periodically issues “Recommendations on Combating Money Laundering and the Financing of Terrorism” as internationally recognized (minimum) standards that the FATF member states must each implement in national law. These FATF recommendations were last revised in 2012.
As a member of the FATF, Switzerland is also obligated to transfer these revised recommendations into national law by amending regulatory requirements. These regulatory amendments will occur in Switzerland on January 1, 2016.
The revised FATF recommendations will be implemented by amending the following decrees, which are also relevant to card business (credit cards, charge cards and prepaid cards, hereinafter “Cards”):
Effects on Swisscard AECS GmbH as Card issuer and regulations for customers
The regulatory amendments differ for private customers and corporate customers.