Our monthly compliance newsletter (English and German articles) contains many articles worth reading in the areas of regulatory compliance, cryptocurrency compliance, ESG compliance as well as current articles about white collar crime, corruption and bribery.
We wish you an exciting read.
With best regards
Your KYC Spider Team
P.S.: You will receive the next edition on January 18th, 2024.
FINMA News keeps you up to date with the latest information and updates by the FINMA, SECO and WBF. You can filter for sanction updates, news’ items and information by sector or category, or arrange them by year.
Das Departement für Wirtschaft, Bildung und Forschung WBF hat generelle Hinweise zur Auslegung der Massnahmen zur Vermögenssperre in den Schweizer Sanktionsmassnahmen gegen Russland veröffentlicht und beantwortet in diesem Dokument häufig gestellte Fragen.
The FINMA is taking various measures to implement the relevant recommendations of the Network for Greening the Financial System. As a member of this network, FINMA supports its goals of better understanding and managing the financial risks of climate change and nature degradation.
There are times when an established company, an investor, a startup makes a move that is so strategic that it marks the shift between the market’s past and its future.
Wann: 25.01.2024, 14:00 Uhr, kostenfrei Themen: Hintergrund und Bedeutung von Sustainable Finance, Meilensteine auf dem Weg zu einem nachhaltigen Finanzsystem, Risikominimierung für Banken durch die Integration von ESG-Faktoren, Zentrale Bedeutung des KYC-Prozesses als integraler Bestandteil des Sustainable Bankings
Many Swiss companies will have to comply with new reporting and due diligence requirements on non-financial topics. The ESG Risk Monitor supports companies with various digital tools in ESG analysis along the entire value chain, efficient ESG data management and ESG reporting.
The Federal Council has adopted the amendment to the Capital Adequacy Ordinance (CAO) for banks. This bill transposes the final Basel III standards adopted by the international Basel Committee on Banking Supervision (BCBS) into Swiss law. The amended CAO will enter into force on 1 January 2025.
Switzerland has joined an international taskforce, which brings together 12 countries including the US, the UK and Israel, aimed at countering the flow of money to the militant Palestinian group and supporting anti-terrorism efforts.
Das Schweizer Fintech-Startup hat laut Mitteilung von der FINMA die Bewilligung als Vermögensverwalter erhalten. Das 2019 gegründete Unternehmen war bisher bei der SRO-AOOS angeschlossen und durfte die Tätigkeit als Vermögensverwalter basierend auf den Übergangsbestimmungen im Finanzinstitutsgesetz ausüben.
UBS Chairman Colm Kelleher has called for the FINMA to be given more powers after the downfall of Credit Suisse showed the authority lacked sufficient “teeth”. UBS Chief Executive Sergio Ermotti previously said he sees merit in making targeted adjustments to the regulatory framework and thinks Switzerland should consider a more explicit set of senior management responsibilities similar to those in the UK.
UBS CEO Sergio Ermotti has called for greater powers for Switzerland’s financial regulator and sanctions for negligent bankers in the wake of Credit Suisse’s collapse. He said Switzerland should increase personal accountability in its banking sector. “It should be easier for the bank, or the regulator, to go after people who demonstrated great negligence in their duties."
Thanks to the IRS, your favorite decentralized exchange may need to begin asking for your address, birthdate, and other personal information beginning in 2025.
The two provisions abolished from the National Defense Authorization Act centered around Anti-Money Laundering issues linked to cryptocurrency. The first provision mandated the U.S. Secretary of the Treasury to coordinate with banking and government regulators in setting up a risk-focused examination and review system on crypto for financial institutions.
The EU’s Data Act could introduce “kill switch” requirements for smart contracts, raising questions about how decentralized projects would handle such a scenario.
The U.S. Treasury Department's Office of Foreign Asset Control listed two crypto addresses tied to Sinbad, a mixing service, in its latest sanctions list.
With Binance founder Changpeng "CZ" Zhao gone, the new CEO has big shoes to fill as he's tasked with cleaning up the reputation of the world's largest crypto exchange.
Die weltweit führende Krypto Börse Binance hat einem Vergleich mit der US-Behörde FinCEN zugestimmt und sich bereit erklärt eine Strafe in Höhe von 4,3 Milliarden US-Dollar zu zahlen.
A federal judge accepted Binance founder Changpeng "CZ" Zhao's guilty plea to one count of violating the Bank Secrecy Act, but has not yet weighed in on whether Zhao can go back to the United Arab Emirates before he is sentenced in February.
SEBA Bank, a fully licensed Swiss crypto bank, announced its new brand identity: AMINA Bank. The group operates globally from its regulated hubs in Zug, Abu Dhabi and Hong Kong, offering its clients traditional and crypto banking services. The bank made history in 2019 by becoming one of the first FINMA-regulated institutions to provide crypto banking services.
The Swiss financial centre has been put on notice to finally banish greenwashing. The finance ministry warns that legislation will be imposed next year if banks fail to keep their own houses in order with self-regulation. The warning has been taken seriously. Swiss financial companies do not want to be burdened with European Union-style legislation.
The Swiss financial centre should further enhance its credibility and international competitiveness with regard to the climate transparency of financial products. With this in mind, the Federal Council decided at its meeting on 8th December 2023 to further develop the voluntary Swiss Climate Scores introduced in 2022.
Switzerland signed emission reduction agreements with Chile and Tunisia in Dubai. The resulting CO2 emission reductions in the two countries will count as progress towards Switzerland’s climate goals. Emissions could be reduced more quickly than with additional difficult and expensive measures in Switzerland.
Switzerland’s green credentials have suffered a setback after missing out on a top 20 spot in the annual Climate Change Performance Index (CCPI). It earned its poor marks primarily due to the low proportion of renewable energies and for national climate policy.
Die gestern veröffentlichte Evaluation des Bundes im Bereich Wirtschaft und Menschenrechte bestätigt: Die Schweizer Unternehmen setzen die Regeln zur verantwortungsvollen Unternehmensführung mehrheitlich gut um. Hervorgehoben werden insbesondere die grossen Unternehmen bei der Sorgfaltsprüfung in den Bereichen Menschenrechte und Umwelt.
Laut einer aktuellen Studie finden KMU Nachhaltigkeit wichtig. Aber die Messung und Berichterstattung, die bald gesetzlich vorgeschrieben ist, ist zu schwierig.
The Monetary Authority of Singapore (MAS) has announced the publication of its finalized Code of Conduct for ESG Rating and Data Product Providers, introducing a set of principles aimed at boosting transparency, comparability and reliability of ESG ratings and data.
Die vor kurzem veröffentlichte Studie von RepRisk-Bericht deckt auf, dass Greenwashing erheblich zugenommen hat. Zudem finden sich immer mehr Fälle von Social Washing. Das Social Washing tritt vor allem bei Unternehmen auf, die auch durch Greenwashing auffallen.
The published version of Forbes' CFO newsletter delivers the latest news for chief financial officers and other budget-focused leaders to inboxes every Tuesday.
Sanktionierte russische Oligarchen nutzen Zypern als eine Art Hintertür zur EU, ergab eine Recherche des SPIEGEL. Nun entsenden die USA ein Team aus FBI-Ermittlern auf den Inselstaat. Es soll die lokalen Behörden unterstützen.
A $123 million penalty imposed by the US on Pictet has closed a chapter on Swiss bank tax evasion scandals – but the book is far from finished. The 218-year-old bank handed over the millions to defer a Department of Justice prosecution, having helped American citizens hide more than $5.6 billion in secret accounts.
Canada’s financial-intelligence agency said it has fined Royal Bank of Canada for failing to comply with the country’s rules aimed at deterring money laundering.
Wann: 25.01.2024, 14:00 Uhr, kostenfrei Themen: Hintergrund und Bedeutung von Sustainable Finance, Meilensteine auf dem Weg zu einem nachhaltigen Finanzsystem, Risikominimierung für Banken durch die Integration von ESG-Faktoren, Zentrale Bedeutung des KYC-Prozesses als integraler Bestandteil des Sustainable Bankings
Für Anregungen und Mitteilungen: Verwenden Sie diesen Link oder senden Sie eine E-Mail an contact@kyc.ch mit dem Betreff "Compliance". Wenn Sie keine weitere Ausgabe des Compliance Newsletters mehr wünschen, können Sie sich hier abmelden. Herausgeber:
KYC Spider AG | Gubelstrasse 11 | CH- | Zug (Switzerland) | Tel. +41 41 726 99 69 MME Legal | Tax | Compliance, Gubelstrasse 22 | 6302 Zug | Tel. +41 726 99 66 Eurospider Information Technology AG | Winterthurerstrasse 92 | 8006 Zürich | Tel. +41 43 255 25 25 Aktualisieren Sie Ihre Einstellungen und legen Sie fest, welche E-Mails Sie erhalten möchten.
