FINMA guidance calls out Swiss bank failings on AML risk analysis
By 
Neil Hodge2023-08-31T14:05:00
Switzerland’s Financial Market Supervisory Authority (FINMA) published new guidance to improve banks’ money laundering risk analysis after repeatedly identifying shortcomings during on-site supervisory reviews.
The regulator reviewed the risk analyses of more than 30 banks in spring 2023. It found “a “large number (of banks) … did not meet the basic requirements for such an analysis.”
FINMA added even an adequate definition regarding risk tolerance around money laundering—the cornerstone for effective risk analysis—“was lacking in some cases.”
THIS IS MEMBERS-ONLY CONTENT
You are not logged in and do not have access to members-only content.
If you are already a registered user or a member, SIGN IN now.
Related articles
-
PremiumFINMA eyeing more power over banks. Will it make a difference?
Bonus clawbacks, more fines, and a senior management regime that clearly identifies individual executives’ responsibilities for key governance areas are all options being considered by the Swiss Financial Market Supervisory Authority in response to the collapse of Credit Suisse.
-
News BriefSwitzerland floats AML reforms for beneficial ownership, legal advice
The Swiss government launched consultation proceedings on a series of reforms designed to combat money laundering and terrorist financing occurring within the country’s financial system.
-
PremiumExpert views mixed on proposed U.K. AML reforms
Experts share differences of opinion over whether future anti-money laundering supervision in the United Kingdom should be industry specific and whether a single regulator would be more effective than multiple bodies.
More from Regulatory Policy
-
PremiumRepublican-led SEC abandons climate rule; Dem commissioner calls move ‘unlawful’
The Securities and Exchange Commission’s Republican leadership is abandoning the climate-related disclosure rule package passed last year by Democrats, hoping that the courts will kill regulations already on life support.
-
News BriefFinCEN drops BOI requirement for U.S. companies, persons
The U.S. Treasury Department’s Financial Crimes Enforcement Network issued a final interim rule that eliminates beneficial ownership information reporting obligations for U.S.-based companies and persons.
-
News BriefTrump picks Fed vice chair of supervision, aims to roll back 2023 bank protections
Federal Reserve Board member Michelle Bowman has been nominated as the board’s vice chair for supervision, a position that oversees regulation of the nation’s largest banks.