Compliant thanks to ISO 20022
In January 2016 the Anti-Money Laundering Act (AMLA) revised by the Swiss parliament entered into force along with the completely revised Anti-Money Laundering Ordinance issued by the Swiss Financial Market Supervisory Authority FINMA (AMLO-FINMA). This amended legislation is the result of changes in the international standards based on the recommendations of the Financial Action Task Force (FATF), and is designed to combat money laundering and the financing of terrorism. The changeover to ISO 20022 enables full, automated compliance with the new AMLO-FINMA rules. The payment process now involves forwarding the name, account number, and address of the initiating party in addition to details of the beneficiary. This enables the beneficiary’s bank to assess the risks as required by AMLO-FINMA.
QR-bill creates end-to-end data transparency
If a payment is made using the present orange slip, at the time of the credit the beneficiary’s bank is only aware of the reference number. Alongside the reference number, the QR code can now also provide all the data necessary for compliance with the regulatory requirements throughout the entire payment process. The contents of the QR code are transparent and can be read by the recipient of the bill with any free smartphone app. Billers generate the QR code themselves on the basis of guidelines provided by the financial institutions. The code contains all the information necessary for the payment. More
The changeover to ISO 20022 and the introduction of the QR-bill will enable the Swiss regulator’s new requirements to be met on an automated and efficient basis, as well as taking account of the FATF recommendations. In its fourth mutual evaluation report on Switzerland, the FATF acknowledges this development and praises the country for what are above-average results by comparison with the nations already evaluated. ISO 20022 will make it easier to meet new national and international requirements and respond rapidly and effectively to new risks in the future. More