FINMA

Regulator’s review of over 30 Swiss banks finds shortcomings in money-laundering controls

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Regulator’s review of over 30 Swiss banks finds shortcomings in money-laundering controls

Switzerland’s financial markets authority said Thursday that an in-depth review of more than 30 banks conducted this spring found that “a large number” failed to meet basic requirements for analysing the risk of money laundering. The authority, known as FINMA, said the review was prompted by repeated signs of shortcomings in money-laundering risk analysis during … Read more

UBS and Credit Suisse make further progress in emergency plans – regulator

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UBS and Credit Suisse make further progress in emergency plans – regulator

UBS and Credit Suisse have made further progress in how they would stabilise and restructure themselves in a financial crisis, Swiss financial watchdog FINMA said on Thursday. Big Swiss banks must demonstrate how they would right themselves in the event of an emergency, or how they can be restructured or liquidated without obstacles while maintaining … Read more