New legislation concerning money laundering, effective since January 1, 2016
The Swiss Act on Combating Money Laundering has been revised and its new version entered into force on January 1, 2016. One of the major changes concerns the expanded scope of the Act to dealers and traders trading professionally in movable or immovable property. According to the new regulation, such persons and companies will have to verify the identity of their customer and of the beneficial owner and comply with the respective documentation duties if they receive cash payments exceeding CHF 100’000.- in one particular transaction. It is expected that these new regulations will have their practical significance mainly in the real estate business.
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