Newsletter 138 from June 14, 2010 Consultation period for the FINMA Circular on Financial Intermediation under the Anti-Money Laundering Act

Newsletter 138 - Consultation period for the FINMA Circular on Financial Intermediation under the Anti-Money Laundering Act - FINMA is opening the consultation period for the Circular on Financial Intermediation pursuant to the Anti-Money Laundering Act. The Circular contains the implementing provisions for the Ordinance on the Professional Practice of Financial Intermediation, which came into force on 1 January 2010. It is aimed at financial intermediaries in the para-banking sector and self-regulatory organisations recognised by FINMA. The deadline for submitting comments on the draft Circular is 12 July 2010. - The Ordinance on the Professional Practice of Financial Intermediation (VBF, available in German, French and Italian) specifies when a person is considered to be a financial intermediary in the non-banking sector. On the other hand, the Circular on Financial Intermediation under the Anti-Money Laundering Act (AMLA) defines the VBF provisions and sets down FINMA's scope of application within the area of anti-money laundering as specified in the AMLA. The practice is based closely on that followed by the former Anti-Money Laundering Control Authority. In accordance with the VBF, certain accessory services no longer fall under the Anti-Money Laundering Act. The Circular stipulates under which conditions this is the case. (For further details on the amendments made, see the report on the key points of the Financial Intermediation Circular). Since the VBF and the Circular largely mirror the practice followed by the former Anti-Money Laundering Control Authority, it was decided not to prepare an explanatory report.  - This Circular is based on Art. 12 VBF, which authorises FINMA to issue the implementing provisions, and the brief commentary of the Federal Finance Administration (FFA) on the Ordinance. The deadline for submitting comments is 12 July 2010. FINMA is planning for the Circular to come into force in October 2010. - Contact - Tobias Lux, Media Spokesperson, Tel. +41 (0)31 327 91 71, tobias.lux@finma.ch