Mahi Sall, Advisor, Fintech-Bank Partnerships, Payments and Financial Inclusivity
January 25th, 2023
Mahi Sall is the CEO & Founder of FinXpair, a Berlin-based strategic advisory boutique firm focu[...]
Swiss watchdog to propose looser anti-money laundering rules for fintechs
Reuters | Brenna Hughes Neghaiwi | Aug 28, 2018
ZURICH (Reuters) - Swiss financial regulator FINMA is planning to loosen anti-money laundering rules for smaller financial technology firms, part of a drive to boost innovation and shore up the country’s position as a leading money management hub.The revisions, prompted by a new ‘fintech’ licensing category carved out by the Swiss parliament in June, will clarify how non-banks applying for the new license must ensure due diligence.
“As a rule, all financial institutions are subject to similar due-diligence requirements relating to combating money laundering. However, as most fintech license applicants are likely to be smaller institutions, FINMA proposes to introduce some organizational relaxations for such institutions,” the financial supervisor said in a statement on Tuesday.
Its proposal defines small institutions as those with gross revenues under 1.5 million Swiss francs ($1.5 million).
Under its terms small institutions, unlike banks, will not for instance have to establish an independent anti-money laundering unit with monitoring duties, it said.
The move comes after Switzerland’s parliament voted in June to amend the Swiss Banking Act, creating a new fintech license category to ease rules imposed on financial endeavors that take in funds and provide certain bank-like functions, but do not make money by investing or receiving interest on the funds.
See: Comprehensive Overview of Fintech in Switzerland H1 2018
Switzerland, the world’s largest center for offshore wealth, has gained prominence in recent years as a hub for financial technology providers, such as banking software groups Temenos (TEMN.S) and Avaloq AVLN.S, as well as cryptocurrency projects.
But advocates have warned that as banks face increasing margin pressure and tougher competition from technological rivals, more must be done to promote innovation if Switzerland is to remain a leading financial hub.
The new license, intended to promote financial innovation, will apply to groups which accept public deposits of up to 100 million francs but don’t invest the funds or pay interest.
It will likely have the biggest immediate impact on activities such as crowdfunding, which under current rules could often require a banking license.
Cryptocurrency projects — which often fall under anti-money laundering or securities regulations under FINMA’s current guidelines but generally don’t require a banking license — are unlikely to be affected by the changes.
Continue to the full article --> here
The National Crowdfunding & Fintech Association of Canada (NCFA Canada) is a cross-Canada non-profit actively engaged with fintech, alternative finance, blockchain, cryptocurrency, crowdfunding and online investing stakeholders globally. NCFA Canada provides education, research, industry stewardship, services, and networking opportunities to thousands of members and subscribers and works closely with industry, government, academia, community and eco-system partners and affiliates to create a strong and vibrant crowdfunding and fintech industry. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: ncfacanada.org
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Read More
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Read More
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Read More
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Read More
Read More
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Read More
Read More
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Read More
Read More
Guest Post | Jan 31, 2023 The global pandemic has left many people in dire financial straits. Therefore, most of the leading companies put themselves in the shoes of their customers and suspended debt collections, reduced or canceled interest rates, and lowered prices. However, they also need to restore and stabilize their income. Therefore, debt collection is resumed. According to what strategies to implement them and how to effectively work with debtors - read on. The best ways to collect the debt in 2023 According to the statistic, the average US household has $15,000 in credit card debt. This is a colossal amount and loads of work for financial companies. Create an information hub for customers Having complete information about each client makes it easier for company employees to work with them. These are data on payables and receivables, balances, etc. However, this data must be verified, accurate, and constantly updated. Definition of the communication channel Properly configured communication with the client allows you to create effective cooperation. You can communicate with a person using messages, calls, and e-mail. However, it is better to discuss these communication pitfalls in advance, because, with the appearance of a large number of scammers, ...
Read More
Read More
Guest Post | Jan 30, 2023 AI is disrupting the web development industry in a number of ways, from automated code generation to predictive design and personalization. One of the most significant ways in which AI is impacting the industry is through the use of AI content detection tools. These tools are revolutionizing the way in which web developers and content creators detect, analyze and manage website content, making it faster, easier, and more cost-effective to identify the authenticity of the content. Introduction The web development industry is constantly evolving, and with the advent of AI, it is now entering a new era of automation and optimization. AI is transforming the way in which web developers create and manage websites, providing new opportunities for innovation and efficiency. In this article, we will explore how AI is disrupting the web development industry, with a focus on the use of AI content detection tools and its impact on digital content authenticity. Automated Code Generation AI is also being used to automate the code generation process, which can save web developers a significant amount of time and effort. AI-powered code generators can analyze a website's design and functionality, and then generate the necessary ...
Read More
Read More
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Read More
Read More
Richard Branson's LinkedIn Newsletter | Jan 30, 2023 What advice do you have for ‘dadpreneurs’, and how do you balance being a great dad with building a great business? People first: One of the best things about being an entrepreneur is the freedom to work in a way that is best for you. As more people and businesses breakaway from the 9-5 mould, you should be as flexible as possible to find a routine that works for you and your family. It sets a good example as a leader, as it demonstrates that it’s OK to be human, and people should always come first. Understand yourself and values: Most founders start businesses from a place of passion. They’re motivated to want to be their own boss, to bring something to life or to solve a problem they see in the world. Being an entrepreneur is part of who they are and their own personal purpose. Having children can turn that on its head and change your outlook. Be sure to check back in with yourself, relook at your values and purpose and ensure the entrepreneurial journey is right for you. See: How Entrepreneurs Can Manage Their Mental Health Establish limits: ...
Read More
Read More
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