The Swiss Financial Market Supervisory Authority (FINMA) passed an anti-money laundering provision on Feb. vii. Citing additional chance, the threshold for unidentified crypto commutation transactions is lowered from 5,000 CHF to 1,000 CHF (approximately $1,020 USD).

The provision comes following the enactment of the new Financial Services Act and Financial Institutions Act, which came into forcefulness on Jan. ane. FINMA introduced the revised ordinance in response to these acts, and will hold a consultation on follow-up regulation until April nine.

One of the key changes from the new provision is the normalization of Swiss national regulations with the Financial Action Task Forcefulness or FATF'due south directives from June 2022. The international body mandated a maximum transaction limit of $1,000 for unidentified cryptocurrency exchange operations.

All financial providers involved in cryptocurrencies will have to collect data on anyone initiating transactions amounting to more than $1,000. The information must be regularly submitted to the authorities for review.

The initiative is part of a global tendency pushing for stricter anti-money laundering regulation. By implementing the directive, FINMA is "acknowledging the heightened money-laundering risks" in cryptocurrency transactions, according to its press release.

The European Wedlock has also implemented its Fifth Anti Money Laundering Directive (5AMLD), which came into strength this year. The new regulation specifically addresses some types of cryptocurrency transactions, notably requiring strict customer information reporting.