En

De

En

De

Swiss Bank Banca Credinvest Caught in Violation of Money-Laundering Regulation

October 8, 2020 |Banking, Fintech

Swiss Bank Banca Credinvest Caught in Violation of Money-Laundering Regulation

FINMA completed the proceeding against Banca Credinvest was opened 2018 after the bank was suspected of corruption connected with the Venezuelan clients. The corresponding measures were introduced by FINMA.

In November 2018 FINMA received the information connected with the suspicion of anti-money-laundering regime. The information suspected corruption was linked to the Venezuelan oil company PDVSA.
According to FINMA’s report, the measures of Banca Credinvest against money laundering and system of risk management were inappropriate. This refers to the breach of the bank’s duty of due diligence towards to anti-money laundering regulation in the period of time between 2013 and 2017.

Swiss Bank Banca Credinvest Violation of Money-Laundering Regulation

FINMA ordered measures

FINMA ordered the measures, which were already begun to be implemented by the bank. The measures include the monitoring of all private banking clients to promote recognize the increasing of money-laundering risks and to reduce them in an appropriate manner. The bank decided itself to refuse to cooperate with the clients connected to Venezuela and is going to deny the accepting of new high-risk clients for three years or until all the measures have been attempted.

FINMA will take drastic measures against the violations of AML rules

In the last few ears Swiss financial sector was involved in several global corruption scandals (Odebrecht, 1MDB, FIFA). That is why FINMA studies the international money-laundering cases to improve its ALM supervisory activities. FINMA states that money laundering is the main risk to Swiss financial services. This matter stays the most important part of FINMA's supervisory activities.

Source: https://www.finma.ch/en/news/2020/10/20201006-mm-verfahren-banca-credinvest/

Legal disclaimer. This article does not constitute legal advice and does not establish an attorney-client relationship. The article should be used for informational purposes only.

Results of the vote of February 13, 2022: abolition stamp duty equity capital rejected

In a referendum on February 13, 2022 the citizens of Switzerland voted (62.7%) on the rejection of the reform, which had to abolish the issuance tax.

Switzerland Agrees to Establish 15% Minimum Tax Rate to Implement the OECD Tax Reform

The Swiss Federal Council has decided in its session of January 12, 2022, to implement in Switzerland the minimum tax rate for large multinational companies from 2024 as stipulated last year by the OECD and G20 member states under the OECD/G20 Inclusive Framework on BEPS.

Goldblum and Partners has been recognised by IFLR1000

We are glad to announce that our firm was recommended by IFLR 1000 – international legal directory in M&A (tier 5); Restructuring and insolvency.

FINMA Gives Permission to Scan Chips During the Online Identification Process

The Swiss Financial Market Supervisory Authority FINMA is updating the procedure of the online identification using the NFC verification by scanning the chip embedded in biometric identity documents.

FINMA publishes its enforcement actions and selected court decisions in an anonymized and summarized form in a database

The publishing of this case report confirms FINMA's accountability obligations regarding its enforcement activities. The case report includes anonymized and generalized cases which were concluded with a court decision.

The IPI and Swiss exporters unite to combat the “Swissness” misuse

Bern, April 04, 2021 – The Swiss Institute of Intellectual Property (IPI) took an active role in 280 cases of “Swissness” excessive use in 2020. The IPI controls the use of the Swiss national emblem and destroys such goods during the customs examination. Now private and high officials start working together to control the “Swissness” fare dodger abroad.

Start of finance.swiss information platform

The Swiss Financial Market Supervisory Authority FINMA recommends that the supervised parties affected by the LIBOR replacement sign the new Fallback Protocol of the International Swaps and Derivatives Association (ISDA) in the shortest time possible.

FINMA Introduces Corrections of the Circular on “Video and Online Identification”

The Swiss Financial Market Supervisory Authority FINMA recommends that the supervised parties affected by the LIBOR replacement sign the new Fallback Protocol of the International Swaps and Derivatives Association (ISDA) in the shortest time possible.

FINMA supervisory notification 08/2020: LIBOR replacement in the derivatives sector

The Swiss Financial Market Supervisory Authority FINMA recommends that the supervised parties affected by the LIBOR replacement sign the new Fallback Protocol of the International Swaps and Derivatives Association (ISDA) in the shortest time possible.

Swiss Bank Banca Credinvest Caught in Violation of Money-Laundering Regulation

FINMA completed the proceeding against Banca Credinvest was opened 2018 after the bank was suspected of corruption connected with the Venezuelan clients. The corresponding measures were introduced by FINMA.

FINMA Granted Fourth Supervisory Organisation

The Swiss Financial Market Supervisory Authority FINMA admitted FINcontrol Suisse AG as the fourth supervisory organization. Previously FINMA has authorized FinIA and FinSA as supervisory bodies.

Raw Materials: Switzerland Offers More Transparency in the International Gold Trade

On 24 September, Switzerland proposed the World Customs Organization (WCO) an amendment to the international customs duty classification for gold to improve transparency and traceability in the gold trade. Switzerland will implement the amendment for gold imports into Switzerland from 1 January 2021.

Compliance Services — Goldblum and Partners

Compliance Services - Goldblum and Partners offers compliance services for the companies that enter into business relations with new counterparts and partners.

FINMA Licensed Second Registration Body according to FinSA

ARIF was approved by FINMA as a registration authority for client advisers, it was licensed as the second registration body in consonance with FinSa.

FINMA Starts Enforcement Proceedings

The Swiss Financial Market Supervisory Authority FINMA opened law proceedings against Credit Suisse in the context of its observation activities.

Consultation on partial revision of “Direct transmission” Circular

After the look back study of the “Direct transmission” Circular in 2019, FINMA is providing a consultation regarding the partial revision of the Circular until 15.10.2020.

FINMA Approves the Third Supervisory Organization

FINMA vested SO-FIT with authority of a supervisory organization. It will be the third supervisory organization in accordance with the Financial Institutions Act (FinIA) and the Financial Services Act (FinSA).

Tax Regime 2020 for Innovative Companies

Innovative companies are now being promoted and supported with cantonal and communal taxes with the introduction of a new tax instrument – special tax box.

Credit Suisse surpassed expectations in unsettled market

Despite the great number of ambiguities and risks regarding the influence of the coronavirus pandemic on the global economy, the Swiss bank has shown its best second quarter results for the last ten years.

Combating money laundering: financial intermediaries must comply with due diligence requirements

Financial intermediaries must adhere to strict due diligence and reporting requirements. Both the Swiss Financial Market Supervisory Authority FINMA and the self-regulatory organizations have the aim of preventing money laundering

Cyber dialogue Switzerland and the US for secure digital space

On 9 July 2020, the first cyber dialogue between Switzerland and the USA took place in Bern. Both countries seek to open a digital space.

Modernization of income tax - necessary but with a sense of proportion

Income tax reform is needed. Its concept is out of day. It is slowing down the development of the Swiss capital market. Based on the consultation of the Federal Council, the SBA proposes a goal-oriented concept.

FINMA Approves First Supervisory Organizations

FINMA has countenanced OSIF and OSFIN the first licenses as supervisory organizations which have responsibility for inspection of asset managers and trustees.

FATF has updated its statements

On the plenary sitting on 30th June the FATF has update the statements connected the high-risk jurisdictions and jurisdictions under increased monitoring.

Switzerland and United Kingdom Aspire to Cooperate on Financial Services

On 30.06.2020 in Bern Swiss Finance Minister Ueli Maurer and his UK colleague Rishi Sunak signed a joint statement on further cooperation between their countries relating the financial services in a virtual meeting.

Hands-Off Regulation of Sustainable Finance Caused Mixed Reaction

According to the Swiss government special rules will be used in the sustainable finance sphere in case, if banks do not cope with policing their activities in a proper manner. The hands-off regulation of social investing was approved by financial players but criticized by NGOs.

FINMA Focuses on the Climate Risks in the Financial Sector

The Swiss Financial Market Supervisory Authority FINMA in frame of its supervisory remit is dealing with a problem of financial risks dependent on the climate and is looking for new regulatory methods for improving financial transparency by banking institutions.

No Blockchain Amendments for Tax Law are Necessary

On the session of Federal Council on 19 June 2020, the report regarding the amendments connected with blockchain to the tax law was taken into consideration. It was decided that no special amendments are necessary.

Federal Council Adopts Adjustment on the Partial Revision of Banking Act

The Banking Act governs only the main features of the restructuring procedure for banks. Federal Council is proposing to amend the Intermediated Securities Act.

U.S. Dollar Liquidity-Providing Operations from July 1, 2020

The Swiss National Bank has joined other major central banks in reducing the frequency of its dollar swap operations from July 1, 2020.

The Head of MROS Left his Post

After less as a year in a position of anti-money laundering and terrorism funding chief Daniel Thelesklaf has vacated his office. The first information about a quitting of Swiss anti-terror financing head has appeared on June 17th on Heidi News portal.

FINMA's fact sheet on crowdfunding

Crowdfunding platform providers and project developers should verify whether they require a licence from FINMA before providing such activities.

Economic forecast by the Federal Government's Expert Group – June 2020

The Expert Group is affirming their prior assessment and awaiting the sharpest fall in GDP in decades for 2020. The low rate is predicted to be reached in the second quarter.

Switzerland to Be a Premier International Hub

It is known that Switzerland is a pioneer of sustainable finance and is planning to become a premier international hub in this field. This initiative is supported by the SBA, which in its turn has made sustainable investment a top priority.

Protection for Swiss Geographical Indications

It is prescribed that Swiss producers very soon will have the opportunity to register geographical indications in different states all at once using a simple process.

How FINMA Helps Investors and Individuals - Part 2

Here are ten tips that may help investors and individuals protect themselves against unscrupulous providers.

How FINMA Helps Investors and Individuals - Part 1

FINMA's task is the protection of creditors, investors and policyholders and ensuring that the financial markets function properly.

FINMA licenses reviewing bodies for prospectuses

The Swiss Financial Market Supervisory Authority FINMA is giving BX Swiss AG and SIX Exchange Regulation AG licenses to be the reviewing bodies for prospectuses. This process will start on 1 June 2020.

FINMA Guidance 06/2020: prolongation/end of exemptions

On May 19, FINMA published further Guidance 06/2020 providing some changes to the exemptions implied to the phases and clarified how the net stable funding ratio (NSFR) is calculated.

FINMA Guidance 05/2020: duty to report the cyber attacks

On 7th May, FINMA published Guidance 05/2020: duty to report cyber attacks pursuant to Art. 29 para. 2 FINMASA.

FINMA starts consultation on revision of "Liquidity risks – banks" circular

The Federal Council in November 2019 introduced a net stable funding ratio (NSFR) for banks by mid-2021 and is to make the appropriate adjustments to the Liquidity Ordinance as well as the changes to FINMA's supervisory practice set out in Circular 2015/2 "Liquidity risks – banks".

Libra Association applied for payment system licence

On 15th of April, the Swiss Financial Market Supervisory Authority FINMA presented the press release regarding Libra Association: FINMA licensing process initiated.

Swiss Bankers Association (SBA) launched a podcast

On 27 March, Swiss Bankers Association (SBA) has launched new audio project in form of podcast. It is called «The Voices of Financial Centre».

The tax reform should improve the Swiss debt market

The Federal Council has offered changes related to income tax. The initiative provides for exemption from tax on interest-bearing investments. Resident legal entities suppose to apply these changes. Foreign investors will also receive benefits. The suggestions of the Federal Council aimed at encouraging corporations to issue bonds in Switzerland.

Switzerland follows all the instructions regarding the exchange of tax information

Due to results of the second round of expert checks of clarity and information interchange in taxation the Global forum has noted that Switzerland achieved significant progress, for example, about the bearer shares and the practical implementation of the exchange of information, and provided some recommendations.

Smuggling: illegal inflow of medicinal products in Switzerland

In 2019, Swissmedic (the Swiss Agency for Therapeutic Products), working together with the Federal Customs Administration of Switzerland (FCA), carried out twice as many seizures of illegally imported drugs - 7,781.

Increasing Popularity of Swiss Trademarks

The Swiss Federal Institute of Intellectual Property (IPI) in 2019 reviewed more than 17,000 trademark applications. Today, there are more than 500,000 trademarks and 130,000 patents in the country. There has been an increase in the number of patent applications, while the number of design applications has stable position.

Small banks regime: already in motion

Recently FINMA launched a small banks regime in order to reduce the burden on smaller institutions. Sixty-four out of seventy banks which applied to register fulfilled mandatory requirements and currently are participating in the small banks regime.

Switzerland – the Food and Nutrition Innovation Center

Switzerland has significant assets in the agri-food technologies sphere. It can create an exclusive innovative ecological system of food.

Automatic exchange of information (AEOI)

More than 100 states, including Switzerland, accepted obligations to comply with the standard. AEOI does not affect the privacy of domestic customers of Swiss banks.

New Agreements: Switzerland and the UK

The new agreements enter into force with the end of the transition period. During this time, Switzerland together with Great Britain could supplement or further develop these agreements. Their task is to provide an alternative solution, taking into account the termination of bilateral agreements in the framework of cooperation between Switzerland and the EU.

FINMA Takes Action Against Former Bank CEO for Insider Trading

The Swiss Financial Market Authority (FINMA) conducted investigations and held sanction enforcement proceedings against an ex-CEO of a Swiss bank who was allegedly involved in a serious case of insider trading.

Swiss FinTech License Company

The company with the 'fintech license', or so-called 'banking license light' in Switzerland is the best option for the innovative startups and entrepreneurs willing to benefit from the reliability and prestige of Swiss financial sector environment.

Swiss financial services — new rules on financial market (01.2020)

Swiss financial services — new rules on financial market of Switzerland from 01.2020. Swiss financial regulator, FINMA, launched from the first of January.

Swiss Consultation proceedings on the Swiss and UK trade agreement

Brexit impacts the trade relations with Switzerland. The Swiss Federal Council needs to negotiate new bilateral agreements with the United Kingdom; separate from the ones with the European Union.

The Law Reforms Switzerland has at hand

May 19th marks a big day for Switzerland. It is the day that the country will decide on the tax and gun reforms by use of a national vote. Polls have been conducted to try and establish if the reforms would pass or fail.

Managing Swissness in Switzerland and Internationally

Swissness is highly misused. It is popular both within the Swiss borders and internationally. People and cooperatives use the Swiss coat of arms, the Swiss Cross and the Made in Switzerland label to free ride on the premium reputation of Switzerland.

The Battle with Illegally Imported Medicinal Products

In 2018, the Federal Customs Administration of Switzerland confiscated 3,203 loads of medicinal products in the Swiss borders. The owners of these products were shipping them illegally. In 2017, 1,060 shipments were confiscated.

The Institutional Agreement between Switzerland and the EU

The EU is Switzerland’s biggest partner by a large margin. EU claims 53% of its exports and contributes 71% of Switzerland’s imports. The two trading partners thus decided to adopt a bilateral approach to their agreements.

Adjustments to FINMA circulars with regard to FinTech License and Sandbox

The Federal Council has adjusted the provisions concerning the sandbox though these changes require a corresponding adjustment of FINMA’s supervisory practice. Sandbox provision is the main federal concern.

Switzerland Welcomes the New 1000 Franc Note

The Swiss National Bank (SNB) counters in Berne and Zurich and the SNB agencies situated at the head offices of 14 cantonal banks, proposed the release of the new 1000-Franc note. Consequent upon its release, the Commercial banks, and Swiss Post will begin to circulate the new banknotes.

Federal Act on Tax Reform and AHV Financing Recommended by the Federal Council

In lieu of this, a referendum based on the Federal Act on Tax Reform and AHV Financing (TRAF) is scheduled to hold on 19 May 2019. During a joint press conference held three months ago, President Ueli Maurer and the Federal Councilor Alain Berset stated that the acceptance of the proposal was based on the prospect of securing jobs, the AHV, as well as tax receipts.

Amendment to the FINMA - Ordinance on Data Processing

The Swiss National Bank (SNB) counters in Berne and Zurich and the SNB agencies situated at the head offices of 14 cantonal banks, proposed the release of the new 1000-Franc note. Consequent upon its release, the Commercial banks, and Swiss Post will begin to circulate the new banknotes.

Switzerland UK Agreement regarding the citizens' rights

Agreement between Switzerland and the UK regarding protection 43,000 UK citizens living in Switzerland and well over 34,000 Swiss nationals living in the UK.

High Scores for Swiss Foreign Trade in 2018

Swiss foreign trade have proven to be enormously successful in 2018.

Fintech regulation in Switzerland — Swiss law firm — Goldblum and Partners

Fintech regulation in Switzerland for the start-ups and existing companies. Legal requirements for the Fintech companies in Switzerland and the regulation of the financial markets.

Real Estate in Switzerland — Acquisition and legal framework

Real Estate acquisition in Switzerland and all related questions regarding legislation, purchasing procedures etc. in Switzerland

New rules for the Crypto- and Blockchain companies

In an effort to maintain the status of Switzerland as a cryptocurrency mecca, the Swiss Bankers Association (SBA) issued guidelines, which aims to foster the cryptocurrency startups and prevent them from moving abroad for banking services.

Swiss Parliament Approves the Revision of Swiss Insolvency Rules

On March 16, the Swiss Parliament approved a revision of the Federal Act on Private International Law, modifying the rules on international insolvency.

A step forward the revised rules on video and online identification

The FINMA Circular 2016/17. Amendments to the circular. Three randomly selected visual security features on the identification documents.

FINMA clarifies ICO Guidelines

Following a growing interest in cryptocurrencies, on February 16th the Swiss Financial Market Supervisory Authority (FINMA) published a series of guidelines on Initial Coin Offerings (ICOs).

The Swiss Council of States Publishes Observations on the FIDLEG and FINIG Bills

On March 13, the Swiss Council of States has published its overview of the Financial Services Act Bill (FIDLEG) and Financial Institutions Act bill (FINIG).

Swiss vote results on Federal Tax

On March 4th, the right of the Federal Government to collect taxes until 2035 had been confirmed by Swiss voters, with an appalling majority.

Bearer shares in Switzerland — end of Epoch?

Bearer shares in Switzerland and the latest legislative changes in the bearer ownership. All about Swiss bearer shareholding.

FINMA issues guidelines on ICOs

FINMA issues guidelines on ICOs after a sharp increase in the number of initial coin offerings (ICOs) taking place in Switzerland.

Switzerland: revised VAT regulation and reduced VAT rate come into force

The Swiss Value Added Tax (VAT) rate has been reduced since January 1, 2018.

Tax Proposal 17 moves forward, dispatch to Parliament ready by the end of March

Last September the Federal Council has announced a public consultation on the tax proposal 2017 (TP17). The deadline for submitting comments to the consultation was December 6, 2017.

Zug Commercial Registry Office accepts Bitcoin and Ether as means of payment

As of 2 November 2017, fees can be paid at the Zug Commercial Registry Office (Switzerland) with the cryptocurrencies Bitcoin and Ether.

Draft Guidance on penalties for enablers of defeated tax avoidance published

The British HM Revenue and Customs (HMRC) has published draft guidance on penalties for enablers of defeated tax avoidance.

Trust Services — Swiss law firm — Goldblum and Partners

Trust services by Goldblum and Partners. We act as an authorised trustee for all domestic and foreign clients.

Switzerland signs European declaration on eGovernment

On Friday, 6 October 2017, a declaration on eGovernment jointly drawn up by the EU and EFTA in the context of the Ministerial eGovernment Conference in Estonia was signed by the Swiss Federal Councillor.

VAT in Switzerland rising in January 2024

VAT in Switzerland rising in January 2024

VAT in Switzerland will be increased. All changes in taxation will be launched in January 2024

Commercial Register of Canton Zug permits cryptocurrencies as contributions in kind

The Swiss city of Zug was the first state authority worldwide to accept bitcoin as a legal tender. Since July 2016, it has been possible to pay fees of the residents’ registration office of up to 200.00 francs with bitcoins.

Consultation to Revise Regulation on Working Hours Law

On 29 September 2017, the Swiss Federal Council commenced a consultation on revising the Regulation on the Working Hours Law. The Law governing employment relations in public transport companies was passed by the Parliament in the summer of 2016.

FDF opens consultation on total revision of withholding tax ordinance

On 21 September 2017, the Swiss Federal Department of Finance (FDF) submitted the total revision of the Withholding Tax Ordinance for consultation. The ordinance specifies the prerequisites for non-residents to be entitled to subsequent ordinary tax assessment.

Swiss Banking Act Revision: Enhancing Financial Regulation and Protection

Delve into the 2023 revision of the Swiss Banking Act and discover its impact on the stability and security of Swiss banks and their clients.

Risk Monitor 2023: current risks in the financial sector

This legal alert highlights the focus of FINMA's supervisory operations and gives an overview of the significant risks supervised institutions face.

Revision of the Swiss alcohol legislation as of 1 January 2018

Revision of the Swiss alcohol legislation. On 15 September 2017, the Swiss Federal Council passed the revised Alcohol Ordinance. It will enter into force on 1 January 2018, together with the Alcohol Law revised in autumn 2016.

FINMA Issues Comprehensive Guidance on Stablecoins

This legal alert reviews FINMA's new comprehensive guidance on the issuance of stablecoins, addressing default guarantees, risks, and financial market laws.

Switzerland and US Sign New Agreement on Account Data Exchange

This legal alert covers the agreement for automatic exchange of financial account data between Switzerland and the US, effective from 2027.

Stricter Measures Against Abusive Bankruptcies

This legal alert aims at providing a brief report on the key provisions of the Federal Act on Combating Abusive Bankruptcy, effective from January 1, 2025.

Swiss Banks Embrace Cryptocurrencies

This legal alert discusses the increasing trend of Swiss banks offering cryptocurrency investment services to their clients, despite ongoing uncertainties.

Swiss Franc Enters the Cryptocurrency Arena — Embracing Digital Transformation

How the Swiss Franc is revolutionizing the financial sector by transitioning into a cryptocurrency. This pivotal move signals a new era for secure, efficient digital transactions, solidifying Switzerland's position as a global financial and technological hub. Stay informed on the Swiss Franc's latest evolution into the crypto space.

UBS Finalizes Merger with Credit Suisse

The legal alert outlines UBS's merger with Credit Suisse, client transition to UBS platforms, and future consolidation steps.

Swiss Federal Council puts new fintech rules into force

On 1 August 2017, an amendment to the Banking Ordinance (BO) adopted by the Swiss Federal Council on 5 July 2017 entered into force.

Draft federal bill on processing of personal data by FDFA issued for consultation

Late in June 2017, the Swiss Federal Council approved the draft bill for a federal act on the processing of personal data by the Federal Department of Foreign Affairs (FDFA).

The Federal Council approves a new dispatch aimed at enhancing anti-money laundering

The legal alert details the Federal Council's approval of AML measures, including a federal register and due diligence for high-risk activities.

Benefits of outsourcing accounting and bookkeeping

Outsourcing accounting and bookkeeping in Switzerland offers several benefits, including access to specialized expertise, increased accuracy and efficiency, and cost savings.

Greenwashing in Switzerland - Recent Developments and Legal Implications

This legal alert provides an overview of the latest news and legal implications surrounding greenwashing in Switzerland.

Facilitation of banks’ capital accumulation in Switzerland

Early in June 2017 the Swiss Federal Council initiated the consultation on the proposed Federal Act (hereinafter – the Act) on the Calculation of the Participation Deduction for Too-Big-to-Fail (TBTF) Instruments.

Bank secrecy in Switzerland

Does the Bank Secrecy Really Exist in Switzerland? Tax haven in the heart of Europe What does secrecy give to the bank's clients?

License for the financial services in Switzerland

Licensing and how to obtain the license for the financial services in Switzerland in.

COMCO secures reduced interchange fees for Mastercard debit cards

The legal alert explores the agreement between COMCO and Mastercard to reduce domestic interchange fees for Mastercard debit cards.

Share Capital Taxation in Switzerland

The taxation of the limited liability companies (SARLs) and corporations (SAs) in Switzerland. This companies pay tax based on the profits they generate annually.

FINMA Announces Update to Insurer Liquidity Circular

The legal alert discusses FINMA's update of its liquidity management guidelines for insurers to align with new regulations.

Swiss Banking System — banking trends for the companies and private individuals

Swiss Banking System explanation for the companies and private individuals: what is going on in 2020, — all trends, changing in legislation and our expectations.

Company liquidation in Switzerland by three possible ways of liquidation

Company liquidation in Switzerland. All about the liquidation of a Swiss AG or GmbH, terms, conditions.

BEPS Convention signed by Switzerland

On 7 June 2017 Switzerland signed the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting.

Company liquidation in Switzerland

Company liquidation in Switzerland is a seemingly simple process. Although many businessmen are somewhat experienced in company liquidation, they should know how to handle this matter in Switzerland as well.

Insurance Intermediaries Must Submit Follow-up Documents to FINMA by June 2024

The legal alert highlights the requirement for insurance intermediaries to submit follow-up documents to FINMA by June 2024.

Goldblum and Partners has achieved recognition by IFRL1000

The dedicated specialists of Goldblum and Partners highly appreciate the clients' trust, feedback and desire to work with us on different legal matters.

Sandbox: a step forward to the financial market's liberalisation

Sandbox for the financial services provider. Important applicable rules for licensing

Travel rule: virtual assets emerging from the shadow

In June 2019, the Financial Action Task Force (FATF) published its guidance for a risk-based approach to virtual assets and virtual asset service providers. This document recommended states to comply with the so-called "travel rule". The latter is already implemented in Switzerland.

Further participation in IMF’s NAB approved by Swiss Federal Council

On 15 February 2017, the Swiss Federal Council approved Switzerland’s continued participation in the IMF’s New Arrangements to Borrow (NAB).

Financial Institutions Act (FinIA) and legislative changes

What has changed for Portfolio Managers and Trustees? Who is the Trustee?

Introducing Limited Qualified Investor Funds

The legal alert covers the topic of the introduction of Limited Qualified Investor Funds: a new fund category exempt from FINMA's authorization and supervision.

Escrow Account and Services — Knowledge base — Swiss law firm

Our Escrow account and services have enabled businesses to expand their horizon, worldwide and are an indispensable tool that promotes trust.

Foreign Economic Policy Report 2016 by Swiss Federal Council

Early this year the Swiss Federal Council released the Foreign Economic Policy Report 2016 highlighting the forthcoming challenges for Swiss foreign economic policy.

NEW SWISS-U.S. PRIVACY SHIELD FRAMEWORK

The Swiss Government and the U.S. Department of Commerce announced their agreement on Swiss-U.S. Privacy Shield framework (the “Swiss Privacy Shield”), a new transatlantic personal data framework that aimed to establish comparable protections for data transferred or accessed by the U.S. as those secured by the European Union under the European Union (EU)-U.S. Privacy Shield framework.

Switzerland Germany tax treaty in 2020 for the companies and private individuals

Switzerland Germany tax treaty facts and conditions in 2020. Benefits for the Swiss and German businesses and private individuals.

Stefan Walter Appointed as FINMA's New CEO

This legal alert provides information about the appointment of Stefan Walter as the new CEO of FINMA, highlighting his experience in financial regulation.

Companies in Switzerland — how to register and maintain them

Companies in Switzerland explained. Switzerland as the most attractive country for business and growing across the globe.

FINMA Issues Guidance on Staking Services

This legal alert reviews the key takeaways of FINMA’s guidance on staking services which underlines complexities of these services and aims to protect investors.

Swiss law firm — Goldblum and Partners

Swiss law firm, focused on Corporate Law, Tax Law, M&A and other practices under the Swiss legislation

FINMA: Publication of Annual Report 2022

Publication of Annual Report 22 by Swiss Financial Market Authority. FINMA report disclose the latest results.

FINMA gives forth partly revised Circular on “Direct transmission”

The Swiss Financial Market Supervisory Authority (FINMA) is publishing the partly revised Circular on “Direct transmission” with the broadened list of foreign authorities allowed to provide administrative assistance and renewed reporting process.

2022 was a successful year of funding for Innosuisse

In 2022, Innosuisse submitted over 800 applications for innovative projects. This is 65% more than in the previous year. The company's innovative board approved 404 (in 2018 - 239). The company also conducted 400 innovative audits (a year earlier - 308).

Escrow payments for the companies and the private individuals

Escrow payments and how Escrow works —we facilitate escrow payments and help businesses minimize their risks and maximize profits.

Partially revised VAT Regulation enacted in Switzerland

On 18 October 2017, the Swiss Federal Council passed the partially revised Value Added Tax Regulation (hereinafter “VAT Regulation”). It contains adaptations to the partially revised VAT Act (hereinafter “VAT Act”) and other point-to-point changes. Both documents will enter into force on 1 January 2018 with the exception of the provisions on mail order trading.

Newly released FINMA regulations for Swiss banks, securities and insurance providers

Beginning on April 1, 2018, FINMA (The Swiss Financial Market Supervisory Authority) will begin enforcing a number of new regulations on Banks and Insurance companies.

Show more