Anti-money laundering rules for crypto companies in Switzerland

The Swiss financial regulator FINMA has announced that it has granted banking licenses for two blockchain companies. These are SEBA Crypto AG, which is registered in Zug and Sygnum AG, which is registered in Zurich.

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1 Rules rules for combating hard money laundering

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Both companies will be able to offer financial services in both fiat and cryptocurrency currencies, but based on very strict anti-money laundering (AML) rules.

SEBA Crypto AG will officially launch its services in early October 2019. At the same time, a previously announced cooperation with the Swiss private bank Julius Baer will enter into force. The startup raised CHF 100 million in a financing round in September 2018, and currently has over 60 employees. The company wants to allow individuals and companies to invest, keep, trade and borrow digital and traditional assets securely. Their offer will include crypto custody, liquidity trading and management as well as asset and asset management. For cryptocurrency companies based in Switzerland, it will provide accounts and custody for both fiat currencies and digital assets.

Sygnum AG has developed a banking solution that incorporates digital assets into regulated banking and has been built in partnership with Swisscom and the Deutsche Börse Group. Basic services include custody for digital assets of institutional investors and a fiat ramp for the crypto industry. The company will also offer an exchange platform for fiat currencies and digital assets. Sygnum customer plans also include the option to raise new capital by issuing tokens based on existing financial assets.

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In addition, the company offers fiat secured credit services with digital assets and B2B banking services.

Rules rules for combating hard money laundering

FINMA also released guidance on how to apply anti-money laundering rules for licensed blockchain companies on Monday.

According to them, institutions can only send and receive cryptocurrencies in and from their clients’ wallets whose identity has already been verified. Therefore, companies are not allowed to trade cryptocurrencies with customers of other institutions, because at present there is no reliable information transmission system.

Unlike the FATF standard, this rule excludes the use of unregulated wallets and is therefore one of the strictest in the world, FINMA said.