- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Kyle Brasseur2023-09-05T19:22:00
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.
The changes, announced Aug. 30, would strengthen the existing Swiss anti-money laundering (AML) framework to account for the registering of beneficial ownership information, due diligence for consultancy activities and legal work, and cash payments in certain transactions. The consultation is being led by the Swiss Federal Council.
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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.
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.
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.
The Federal Trade Commission took aim at the business models of some of the world’s largest companies, publishing a years-long study that decried technologies that have created “vast surveillance” networks that expose people to “a host of harms” and violate children’s privacy laws.
The Federal Deposit Insurance Corporation proposed a new rule that would require banks to keep better deposit records on ownership of funds controlled by their financial technology partners.
Federal banking regulators approved a new rule for bank mergers that will require additional scrutiny of mergers for antitrust issues for large and mid-sized banks.
