- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
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
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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.
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.
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.
A lack of risk visibility is causing companies to reject customers–and potentially lose money–over fears they might be in danger of violating rules around anti-money laundering and sanctions regulations.
The Treasury Department’s Financial Crimes Enforcement Network updated an alert first issued in February warning financial institutions of Israeli extremists fomenting violence in the West Bank.
A Bank of England report warned of private equity risk management deficiencies as interest rates remain stagnant, with international coordination important.
