All FINMA articles
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Premium
FINMA 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.
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News Brief
Merged UBS, AI on FINMA’s risk radar
A year of significant change in the Swiss banking sector, including the acquisition of Credit Suisse by UBS, has the country’s financial regulator prioritizing new risk areas on its radar.
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News Brief
FINMA guidance calls out Swiss bank failings on AML risk analysis
Switzerland’s Financial Market Supervisory Authority published new guidance to improve banks’ money laundering risk analysis after repeatedly identifying shortcomings during on-site supervisory reviews.
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News Brief
Fed fines UBS $269M for Credit Suisse’s Archegos failures
The Federal Reserve Board fined UBS $268.5 million regarding recent acquisition Credit Suisse’s credit risk management failures at collapsed U.S. hedge fund Archegos Capital Management. UBS also settled matters with U.K. and Swiss authorities.
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News Brief
‘Crisis of confidence’ leads Credit Suisse to merger with UBS
Credit Suisse will merge with UBS in a move approved by Swiss banking regulators after a proposed cash injection from the Swiss National Bank failed to stabilize Credit Suisse’s rapidly declining finances.
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News Brief
FINMA: Credit Suisse ‘seriously breached’ duty regarding Greensill
Poor risk management by Credit Suisse’s asset management company kept the bank mostly unaware of the risky nature of lending procedures used by Lex Greensill that would lead to the collapse of Greensill Capital, according to Switzerland’s Financial Market Supervisory Authority.
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Article
Credit Suisse money laundering verdict start of new era of Swiss enforcement?
Credit Suisse became the first major Swiss bank to be prosecuted for money laundering in the country after the Federal Criminal Court of Switzerland found the bank guilty of washing money connected to a Bulgarian drug smuggling syndicate.
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Article
Credit Suisse reaches $475M global resolution in corruption case
Credit Suisse Group and U.K. subsidiary Credit Suisse Securities (Europe) reached an approximately $475 million global settlement with U.S. and U.K. authorities for the bank’s role in a long-running tainted loan corruption scheme.
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Article
Credit Suisse’s governance rebound a tall task after ‘unacceptable’ losses
Putting the collapses of Archegos Capital and Greensill Capital behind it won’t be simple for Credit Suisse amid staggering financial losses and widening scrutiny from Switzerland’s financial regulator.
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Article
Julius Baer reserves $80M for FIFA corruption settlement
Julius Baer has set aside nearly $80 million in a proposed settlement with the Department of Justice regarding the agency’s corruption investigation linked to world soccer federation FIFA.
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Article
FINMA orders Banca Credinvest to improve AML measures
The Swiss Financial Market Supervisory Authority found Banca Credinvest “seriously breached” anti-money laundering regulations with regard to dealings with PDVSA in Venezuela.
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Article
Credit Suisse faces FINMA enforcement in corporate espionage case
Credit Suisse is learning the hard way that spying on former colleagues is frowned upon, following announcement of an enforcement proceeding against the Zurich-based bank by the Swiss Financial Market Supervisory Authority.
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Article
Compliance lessons from Julius Baer’s ‘serious AML failings’
Compliance officers can learn a lot from the anti-money laundering compliance shortcomings at Julius Baer Group, as well as from what the bank is now doing to enhance its risk management and AML compliance controls.
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Article
FINMA publishes AML guidance on blockchain
The Swiss Financial Market Supervisory Authority has published new guidance on how it applies AML rules to the financial services providers it supervises in the area of blockchain technology.
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Blog
FINMA finds deficiencies in AML processes at Credit Suisse
The Swiss Financial Market Supervisory Authority FINMA has concluded two enforcement procedures against Credit Suisse. In the first procedure, FINMA identified deficiencies in the bank’s adherence to anti-money laundering due diligence obligations. The second procedure relates to a significant business relationship for the bank with a politically exposed person.
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Blog
Swiss regulator publishes ICO guidelines
The Swiss Financial Market Supervisory Authority, FINMA, has published guidelines setting out how it intends to apply financial market legislation in handling enquiries from initial coin offering organisers. The guidelines also define the information FINMA requires to deal with such enquiries and the principles upon which it will base its ...
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Blog
Swiss regulator sanctions Gazprombank in wake of Panama Papers
Following revelations from the Panama Papers, Swiss regulators identified serious shortcomings in anti-money laundering processes regarding private clients at Gazprombank Switzerland and, thus, has banned it from accepting new private clients until further notice.