Compliance
Compliance (regulatory compliance) means conforming to comply with relevant laws and regulations. Together with KYC Spider in Zug Eurospider has in-depth compliance know-how.
Blockchains are the medium for numerous crypto transactions. How do these relate to traditional transactions using fiat currencies? Over 200,000 bitcoin transactions were carried out in recent months.
Thanks to the blockchain, cryptocurrencies such as bitcoin and ether feature a publicly visible register of all transactions. This means that all cashflows are traceable. Mixers – or tumblers, as they’re also known – increase anonymity, as we explain below.
Let’s assume that a financial intermediary arranges all customer relationships into 100 risk categories. The first category with the lowest risk level contains the highest number of customer relationships, while the last category with the highest risk level contains the lowest number of customer relationships. Experience shows that the number of customer relationships is distributed according to Zipf’s law. What does that mean for compliance?
A transaction monitoring system identifies higher-risk transactions (art. 20 para. 2 AMLO-FINMA). Statisticians give such tasks the respectful label of ‘ill-posed problems’, as they cannot always be conclusively solved. Statisticians love solving these problems.
Aspiring lawyers are encouraged to come to clear conclusions even in their first semester. Legal consequences take effect if all elements of the offense are fulfilled or if at least one variant of the offense is fulfilled.
Data Protection Act
The Swiss Data Protection Act underwent a complete revision in 2020, and its new version took effect on September 1, 2023, along with the new Data Protection Ordinance (DPO). The revision itself is complete, but its practical application continues to evolve. The topic of AI is particularly relevant: On May 8, 2025, the FDPIC confirmed that the DPA is technology-neutral and applies directly to all AI applications. In practice, this means, among other things, that users must know whether they are interacting with AI (transparency requirement, Art. 19), and that a data protection impact assessment is mandatory in cases of high risk—such as profiling or facial recognition (Art. 22). The Federal Office of Justice (FOJ) is drafting a consultation document on AI regulation to be completed by the end of 2026. With this, Switzerland will implement the Council of Europe's AI Convention.
