AML/CFT and Cybersecurity Laws in Switzerland

Felix I. Lessambo ()
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Felix I. Lessambo: Fordham University

Chapter Chapter 11 in Anti-Money Laundering, Counter Financing Terrorism and Cybersecurity in the Banking Industry, 2023, pp 119-123 from Palgrave Macmillan

Abstract: Abstract Switzerland has significant AML legislation in place, making banks and other financial intermediaries subject to strict Know Your Customer (KYC) reporting requirements. Under Swiss law, the crime of money laundering pursuant to art. 305bis SCC protects the criminal authorities’ right to forfeiture. There is no overarching cybersecurity legislation in Switzerland to date. Nonetheless, personal data must be protected against unauthorized processing through adequate technical and organizational measures under the general Federal Act on Data Protection (FADP) and the Federal Council issued detailed provisions on the minimum standards for data security in the Ordinance to the Federal Act on Data Protection.

Date: 2023
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DOI: 10.1007/978-3-031-23484-2_11

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