<p>The Swiss Financial Market Supervisory Authority (FINMA) has suggested a plan to bring stricter anti-money laundering (AML) rules for crypto transactions.</p> <p>Per a proposal <a href="https://www.finma.ch/en/news/2020/02/20200207-mm-finiv/">announced</a> Friday, crypto transactions of over 1,000 Swiss francs (~$1,025) will require client identification as opposed to the current limit of 5,000 francs (~$5,120). FINMA said the new limit has been considered due to “heightened” money-laundering risks in the crypto space.</p> <p>The proposal will also bring the new threshold in line with the “international standards” approved in mid-2019, said FINMA, indicating the Financial Action Task Force’s (FATF) directive from last June. <br /> <br /> FATF, an international money-laundering watchdog, <a href="http://www.fatf-gafi.org/media/fatf/documents/recommendations/RBA-VA-VASPs.pdf">approved</a> a maximum transaction limit of $1,000 for unidentified crypto transactions. It means crypto firms, including exchanges, are required to collect client information of those initiating transactions of over $1,000, as well as details about recipients of those funds.</p> <p>FINMA will hold a public consultation on the new limit proposal until April 9, 2020, per the announcement.</p> <p>Last month, the European Union also implemented its Fifth Anti Money Laundering Directive (<a href="https://www.theblockcrypto.com/daily/51782/amld5-fills-regulatory-void-for-crypto-firms-but-state-by-state-rules-pose-challenges">AMLD5</a>), which requires crypto firms and exchanges to follow enhanced know-your-customer (KYC) programs and reporting obligations.</p>