Merged UBS, AI on FINMA’s risk radar
By 
Kyle Brasseur2023-11-10T15:16:00
A year of significant change in the Swiss banking sector has the country’s financial regulator prioritizing new risk areas on its radar.
The Swiss Financial Market Supervisory Authority (FINMA) released its 2023 risk monitor report on Thursday. Within the report, the regulator identifies nine principal risks for the financial sector, two of which are new following a tumultuous year that saw Switzerland’s largest bank acquire its second largest bank to bail the latter out of significant turmoil.
UBS completed its acquisition of Credit Suisse in June, though FINMA said it is still “intensively” supervising
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
-
News BriefFINRA fines UBS unit $850K for failing to properly monitor customer transactions
UBS Financial Services, a subsidiary of the Swiss banking giant UBS, has been fined $850,000 for failing to properly monitor transactions between its broker-dealers and third parties.
-
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 BriefFrench high court orders new trial into $2B fine against UBS
France’s top court struck down a fine of €1.8 billion (U.S. $2 billion) imposed on UBS in 2021 by a lower court, despite upholding a guilty verdict related to money laundering and tax fraud in the Swiss bank’s cross-border activities.
More from Risk Management
-
ArticleGeopolitical risks and global threats drive emerging national security compliance teams
Geopolitical uncertainty is becoming the defining feature of the decade, and global powers are increasingly using geo-economic power to promote national interest and defend their critical interests. Multinational companies, consultants, and global law firms are responding by setting up dedicated national security teams.
-
ArticleNew report shows how illegal mining intersects with financial crimes
Hundreds of billions of dollars in illicit funds move through the global financial system each year through the operations of environmental crimes linked to transnational criminal organizations. Illegal mining, in particular, directly exposes global financial institutions to a wide range of risks.
-
ArticleWhat to do when the CEO is the 'biggest AI risk' to the organization
For the past few years, companies have been grappling with how to control employees’ use of AI in the workplace, but it seems that executives are the most likely to flout the rules and put the organization at risk.