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Switzerland: FINMA publishes annual report for 2019
The Swiss Financial Market Supervisory Authority ('FINMA') published, on 2 April 2020, its annual report for 2019 ('the Annual Report’) concentrating on its main activities, annual financial statement, and enforcement actions. In particular, the Annual Report emphasised that FINMA concentrated on, among other things, risks related to cyber-attacks and new uses of technology, including blockchain and distributed ledger technology ('DLT’) as key areas of focus. In addition, the Annual Report outlines enforcement actions concentrating on Initial Coin Offerings ('ICO') and anti-money laundering ('AML') laws, which included the identification of a breach of the AML Act. Lastly, the Annual Report 2020 stated that FINMA expects to grant its first FinTech license in the first half of 2020.
You can read the press release here and download the Annual Report here.