Since the FINMA circular entered into force on 18.03.2016, financial intermediaries in Switzerland are permitted to open their business relationship via digital channels. The framework conditions are described in the FINMA Circular 2016/07 issued by the Swiss Financial Market Supervisory Authority (FINMA).
Since its entry into force, two partial revisions have been made. The aim was, and still is, to comply with the due diligence requirements applicable at that time and still applicable today when entering into a business relationship in accordance with, for example. AMLA1, AMLO-FINMA2, CDB20 (formerly: CBD16) 3 or SROSVV4 to be continuously aligned with the digital and technological change and the associated market requirements. Ultimately, this should strengthen the «Swiss Financial Centre» and keep it Competitive.