The Swiss Financial Market Supervisory Authority (FINMA) has now published the revised FINMA Anti-Money Laundering Ordinance, which sets out the due diligence requirements for FinTech companies in the new licencing category. The changes become effective already as of 1 January 2019. Authors: Darko Stefanoski, Orkan Sahin, Nicole Zürrer
Switzerland’s Financial Market Supervisory Authority (FINMA), annouced new “relaxed” requirements that are applicable to innovative financial companies, such as companies in the blockchain and cryptocurrency space. Authors: Darko Stefanoski, Orkan Sahin
The application of GDPR to blockchain-based platforms raises challenging questions. How can GDPR and blockchain co-exist? Solutions like hybrid blockchains that combine public and private elements have the potential to ensure GDPR compatibility. EY can help with a comprehensive solution. Authors: Darko Stefanoski, Konrad Meier, Orkan Sahin and Federico De Poli.
Paris, 19 October 2018 – Given the urgent need for an effective, risk-based response to AML risks associated with virtual asset financial activities, the Financial Action Task Force (FATF) revised its Recommendations on combating money laundering and the financing of terrorisms (AML/CFT). The FATF recognizes that virtual assets and related financial services have the potential … More Revised FATF Recommendations – Virtual assets and virtual asset service providers are subject to AML regulations
The Securities and Markets Stakeholder Group (SMSG) has published its advice to European Securities and Markets Authority (ESMA) on Initial Coin Offerings (ICOs) and Crypto-Assets on 19 October 2018. The goal of SMSG is to give advice to ESMA on steps it can take to contain the risks of ICO’s and crypto-assets, on top of … More Are Initial Coin Offerings sufficiently covered by existing regulation?