FINMA to supervise Swiss Post's compliance with the Money Laundering Act
In future, Swiss Post will be subject to supervision by the Financial Market Supervisory Authority (FINMA) as regards compliance with the Money Laundering Act. FINMA has licensed Swiss Post as a directly subordinated financial intermediary for this area, which is scheduled to take effect at the beginning of December 2011. This means that one of PostFinance's key areas of responsibility will be regulated in line with the industry standard, even before the company is placed under full FINMA supervision.
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The Financial Market Supervisory Authority has examined and approved Swiss Post's application for direct supervision as regards compliance with the Money Laundering Act (MLA). Swiss Post – and thereby PostFinance – will receive the status of directly subordinated financial intermediary (DSFI). PostFinance will thus be subject to industry-standard regulation as regards compliance with MLA requirements even before it is transformed into a public limited company and becomes subject to full FINMA supervision. Combating money laundering is extremely important for the financial institution and the Swiss financial market. This direct subordination will have no effect on PostFinance customers.
Further steps this year
Swiss Post is expected to become a DSFI as of 1 December 2011. It is currently supervised with regard to combating money laundering by the Swiss Post Self-Regulating Organisation (SRO). In turn, the Swiss Post SRO is regulated by FINMA. In the next step towards industry-standard regulation, PostFinance will apply to FINMA for full supervision over the coming months. In 2013, PostFinance is due to be transformed into a public limited company owned by Swiss Post and, as such, will be subject to full supervision by FINMA.