Compliance Corner: FINMA, Israel, FATF

Editorial Staff

11 December 2018

Switzerland
Switzerland has brought out a new licensing requirement for fintech firms, at a time when jurisdictions are battling to win a competitive edge in attracting this new breed of financial organisation.

The Swiss Financial Market Supervisory Authority, aka , having held the status of observer to the FATF in February 2016.

Since the start of its observer status, “Israel has worked to meet the requirements for full membership of the FATF, which include undergoing a successful mutual evaluation, which it has now done”, the body said.

“Israel has undergone a rigorous assessment of its measures to combat money laundering and terrorist financing. During this demanding process, the country demonstrated its commitment to protect the integrity of the financial system. Israel has established a robust anti-money laundering and counter-terrorist financing framework that is achieving good results in identifying and responding to the risks the country is facing,” FATF president, Marshall Billingslea, said.

Shlomit Wagman-Ratner, head of the Israel Money Laundering and Terror Financing Authority, was quoted by the Times of Israel as saying: “The report reflects the decisive leap that Israel has taken over the past two decades in its perception of the need to protect the integrity and security of Israel’s financial system.”