The Swiss financial market surveillance agency proposed stricter cryptocurrency anti-money laundering (AML) rules.

The Swiss financial regulator FINMA announced plans to lower the limit for transactions in cryptocurrencies without client identification. FINMA insists in implementation of stricter limits. According to the announcement, personal identification will be required for crypto transactions worth more than 1,000 Swiss francs (about $1,025), while the current limit is 5,000 francs ($5120). The decrease in the threshold value is explained by "the heightened money-laundering risks in this area."

This proposal will also bring the new limits in line with “international standards” approved in mid-2019, FINMA explains referring to the Directive of the Financial Action Task Force (FATF), published last June.

According to FINMA, the Swiss regulator will hold public consultation on the new regulations up to 9 April, 2020.

The FATF, an international anti-money laundering organization, approved a maximum limit of transactions in cryptocurrencies without customer identification at $1000. This means that crypto companies, including exchanges, are required to collect personal information about customers who make transactions worth more than $1000, as well as information about recipients of these funds.

In January 2020, the Fifth Anti-Money Laundering Directive (AMLD5) entered into force in the European Union, which requires the crypto company and crypto-exchange to follow the “Know Your Client” (KYC) extended programs and reporting obligations.