Lawside Attorneys-at-Law

?? Reflecting on an Insightful Day at the Crypto Symposium ?? Yesterday, I had the pleasure of attending the Crypto Symposium organized by the Money Laundering Reporting Office Switzerland (MROS) of the Federal Police fedpol. This exceptional event brought together experts from international regulatory and law enforcement agencies such as FinCEN, NCA, FBI, and blockchain analysis companies. The presentations provided a deeper understanding of business models within criminal networks involving cryptocurrencies (e.g., pig butchering scam, a.k.a. Sha Zhu Pan). These sessions highlighted both the evolving tactics of illicit actors and the advanced measures being developed to counter these activities. As someone who advises financial institutions and intermediaries on anti-money laundering (AML) regulations on a daily basis, I found this experience invaluable. Keeping abreast of the latest findings and risks in crypto transactions enhances my ability to effectively advise clients and protect them from the multifaceted threats of financial crime. Connecting with new and familiar faces, and engaging in thought-provoking discussions during the breaks was an added bonus. I look forward to applying these insights to further support financial integrity in the ever-evolving landscape of cryptocurrency and AML compliance. I would recommend anyone working in this field to attend this annual event. #CryptoCompliance #AntiMoneyLaundering #FinancialIntegrity #Blockchain #AML

We are thrilled to announce that Emanuel Georg Tschannen has joined the partnership of Lawside Attorneys-at-Law. His extensive expertise will further strengthen our legal services in corporate and financial law. Welcome Emanuel! Hans Kuhn, Sebastian W?lti, Emanuel Georg Tschannen, Edith Adler Kuhn #corporatelaw #financiallaw #litigation #employmentlaw We are going the extra mile to provide hands-on legal advise and innovative solutions. https://lawside.ch/team/

??????????'?? ???????????????????? ???????????????? – ????????'?? ??????? ? On 26 July 2024 FINMA has published a new stablecoin guidance (Guidance 06/2024 "Stablecoins: Risks and challenges for issuers of stablecoins and banks providing guarantees"). This has caused quite some confusion and raised questions. Our initial assessment: ? The biggest part of Guidance 06/2024 is not new but rather consolidates FINMA's existing practice and guidance, including the Stablecoin Guidance of 11 September 2019 and explanations in FINMA's 2021 Annual Report. ? Guidance 06/2024 strengthens and possibly expands whitelisting requirements already in place for banks issuing stablecoins, i.e. an issuer does not only need to identify the first acquirer and the last holder wishing to redeem a stablecoin, but any intermediate holder. This goes well beyond what other relevant jurisdictions and the FATF require. ? Guidance 06/2024 also reiterates that stablecoins vested with a redemption right are subject to banking regulation. Most stablecoin issuers rely on a guarantee provided by a bank in accordance with article 5(3)(f) Banking Ordinance. Guidance 06/2024 clarifies in a very helpful manner the conditions that must be met in order for relying on the guarantee exception. At the same time FINMA seems to call on the legislator to review and possibly limit the scope of this exception. ? There is broad consensus that the legal and regulatory framework for stablecoins in Switzerland is inadequate. Swiss authorities, including the State Secretariat for International Finance (SIF), should therefore speed up the ongoing review of the fintech license which is understood to include proposals for a coherent regulation of stablecoins under Swiss law. ? You can find the full article with further assessments and comments on our website (https://lnkd.in/eis6emqU). Hans Kuhn Sebastian W?lti #lawside #FINMA #stablecoin #banking

FINMA published its Guidance 03/2024 regarding findings from FINMA's cyber risk supervision, clarification of FINMA Guidance 05/2020 and scenario-based cyber risk exercises. The Guidance is relevant for all institutions supervised by FINMA. Some of the key elements are: ???????????????????? - Cyber risks are among the most significant risks for supervised institutions, and therefore need to be recognised as a separate risk category in the management of qualitative operational risks, and an appropriate risk appetite and risk tolerance need to be defined. - Key controls for cyber risks need to be integrated into the internal control system (ICS). - Separate the operational management of cyber risk from the independent control function. ???????????????????? ???????????????? - FINMA has observed a positive trend in recent years (e.g. better and increasingly effective protective measures against DDoS attacks). - Data loss prevention (DLP) measures should also cover sensitive personal data, business secrets, intellectual property, etc. ??????????????????, ???????????????? ?????? ???????????????? Effective preparation for cyber events and crises is critical for regulated institutions. Creating and testing realistic response plans is key to managing stress situations caused by cyber attacks. It is important to learn from these incidents and implement the necessary improvements in a timely manner. ?????????????????????????? ???? ?????????? ???????????????????? ????/???????? Cyber attacks pursuant to Art. 29 Para. 2 FINMASA must be reported within 24 hours of the discovery of a cyber attack with an initial report to the institution's key account manager at FINMA. The report should contain an initial assessment of the criticality and a concise description of the facts established to date. An initial report submitted to FINMA within 24 hours can be withdrawn at any time if, after further investigation of the severity of the cyber attack, the institution ultimately concludes that it does not meet the materiality threshold. ???????????????????????? ?????????????? ???? ?????????? ???????????????? ????/?? Institutions subject to FINMA Circular 23/1 must conduct risk-based and scenario-based cyber exercises in accordance with margin no. 70. The scope of these exercises follows the principle of proportionality. Systemically important institutions should include red teaming exercises, while non-systemically important institutions should conduct at least one tabletop exercise per year. Feel free to reach out if you have any questions or need further clarification on implementing these guidelines within your organization. Note: This post is based on the FINMA Guidance 03/2024. For detailed information, please refer to the official FINMA document. Lawside Attorneys-at-Law Hans Kuhn #CyberRisk #FinancialSecurity #RegulatoryCompliance #CyberAwareness

?? Exciting News! ?? Our partner Dr. Hans Kuhn has been recognized by Who's Who Legal (WWL) as a leader in the field of #Fintech & #Blockchain in #Switzerland in their report 2024! ?? Hans Kuhn Sebastian W?lti #Lawside