News and analysis for the well-informed compliance or audit exec.
Annual Membership best value
Subscribe now for $365
Our lowest price ($1 per day) for one year.
Register for free
Receive the CW newsletter and access CPE webcasts.
- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Ruth Prickett2024-01-26T11:52:00
Bonus clawbacks, more power to fine banks, 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 (FINMA) in response to the collapse of Credit Suisse last year.
In its report on the crisis, published in December, the regulator pointed out the Credit Suisse collapse was not unpredictable.
“FINMA increasingly intensified its supervisory and enforcement activities at Credit Suisse over the past few years and instituted more and more incisive measures,” it said. Despite the regulator reaching the limits of its current powers, these measures proved inadequate.
THIS IS MEMBERS-ONLY CONTENT. To continue reading, choose one of the options below.
News and analysis for the well-informed compliance or audit exec.
Annual Membership best value
Subscribe now for $365
Our lowest price ($1 per day) for one year.
Register for free
Receive the CW newsletter and access CPE webcasts.
2023-11-10T15:16:00Z By Kyle Brasseur
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.
2023-08-31T14:05:00Z By Neil Hodge
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.
2023-03-20T18:14:00Z By Aaron Nicodemus
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.
2024-07-24T15:50:00Z By Aaron Nicodemus
Financial institutions holding Russian sovereign assets that have not reported them to the Treasury Department’s Office of Foreign Assets Control are now required to do so by Aug. 2.
2024-07-23T12:29:00Z By Ruth Prickett
Compliance officers should take note of proposed laws in the U.K. with the newly elected Labor government setting the legislative agenda in the King’s Speech last week, promising consultations on enhanced employee rights and a higher minimum wage.
2024-07-22T15:50:00Z By Aaron Nicodemus
Four federal banking regulators have joined the Treasury Department’s Financial Crimes Enforcement Network in issuing a notice of proposed rulemaking that would require financial institutions to conduct more thorough risk assessments on their anti-money laundering/countering the financing of terrorism programs.
Site powered by Webvision Cloud