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Payments & FinTech Lawyer

Switzerland proposes revisions to Circular on video and online identification for onboarding

In February 2018, the Swiss Financial Market Supervisory Authority (‘FINMA’) published a draft of a partial revision of its Circular 2016/7, ‘Video and online identification.’ The Circular, which entered into force approximately two years ago, sets out the anti-money laundering due diligence requirements that Swiss financial intermediaries must follow when opening new business relationships via video chat or via the internet. The consultation period on this partial revision ran until 28 March 2018. In this article, Grégoire Tribolet and Caroline Clemetson of Schellenberg Wittmer Ltd provide a brief overview of both the current regulatory framework in Switzerland for opening business relationships via digital channels, how financial intermediaries are making use of the potential for technological innovation in the area of client onboarding and finally the key changes proposed by FINMA to its Circular 2016/7.

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