{"id":77283,"date":"2023-08-24T14:34:31","date_gmt":"2023-08-24T18:34:31","guid":{"rendered":"https:\/\/cablemanpro.com\/wallstreetpr\/regulatory-review-of-30-swiss-banks-uncovers-inadequate-money-laundering-risk-analysis-77283"},"modified":"2023-08-24T14:34:31","modified_gmt":"2023-08-24T18:34:31","slug":"regulatory-review-of-30-swiss-banks-uncovers-inadequate-money-laundering-risk-analysis","status":"publish","type":"post","link":"https:\/\/cablemanpro.com\/wallstreetpr\/regulatory-review-of-30-swiss-banks-uncovers-inadequate-money-laundering-risk-analysis-77283","title":{"rendered":"Regulatory review of 30 Swiss banks uncovers inadequate money laundering risk analysis"},"content":{"rendered":"
\n

Switzerland’s financial markets authority said Thursday that an in-depth review of more than 30 banks conducted this spring found that “a large number” failed to meet basic requirements for analyzing the risk of money laundering.<\/p>\n

The authority, known as FINMA, said the review was prompted by repeated signs of shortcomings in money-laundering risk analysis during its regular visits to financial institutions.<\/p>\n

The poor assessment of the banks \u2014 which were not identified by name \u2014 is significant because Switzerland ranks No. 1 worldwide in wealth management. Consulting firm Boston Consulting Group, in its Global Wealth Report 2023 released in late June, projected that Hong Kong<\/a> is poised to eclipse Switzerland as a booking center for wealth by 2025.<\/p>\n

SWISS GOVERNMENT SUSPENDS BONUS PAYOUTS TO CREDIT SUISSE EMPLOYEES<\/strong><\/a><\/p>\n

Switzerland has long had a reputation for banking secrecy, though some money-laundering experts say it has at least partially cleaned up its act in recent years \u2014 such as by exchanging more information to help combat tax evasion by depositors.<\/p>\n

“FINMA reviewed risk analyses of over 30 banks in spring 2023,” the report said. “In doing so, it was found that a large number of the risk analyses examined did not meet the basic requirements for such an analysis.”<\/p>\n

The authority cited “some cases” in which banks failed to provide an adequate definition of risk tolerance for money laundering, which would involve setting limits to lower risks.<\/p>\n

In essence, the authority suggested many of the banks should do more to fight money laundering, and it provided guidelines<\/a> \u2014 even with a suggested table of categories \u2014 for banks to follow.<\/p>\n

CREDIT SUISSE LODGES $440 MILLION LONDON CLAIM AGAINST SOFTBANK<\/strong><\/a><\/p>\n

For example, it said the reviewed banks often did not set necessary exclusions for some countries, client segments, and services or products, such as for “politically exposed persons” \u2014 individuals with a prominent function or role \u2014 in some countries. Nor did most of the banks establish proper ways of allowing for exceptions, the authority said.<\/p>\n

The review “regularly” found that banks had not broken down risks “individually or comprehensively” or that some types of risks relevant to the banks went uncovered. Some banks did not compile key figures on risk exposure to money laundering among their clients.<\/p>\n

Authorities in Switzerland and beyond have unearthed a string of money laundering cases involving Swiss financial institutions in recent years.<\/p>\n

In June last year, a Swiss court fined Credit Suisse over $2 million for failing to prevent money laundering linked to a Bulgarian criminal organization more than a decade ago. An array of troubles at Credit Suisse, long Switzerland’s No. 2 bank, threatened to shake global financial markets<\/a> earlier this year and led to its takeover by rival UBS two months ago.<\/p>\n<\/div>\n

Source – https:\/\/www.foxnews.com\/world\/regulatory-review-30-swiss-banks-uncovers-inadequate-money-laundering-risk-analysis <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Switzerland’s financial markets authority said Thursday that an in-depth review of more than 30 banks conducted this spring found that “a large number” failed to […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"twitter_2902945987_2902945987":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[16563],"tags":[],"stock_ticker":[],"class_list":["post-77283","post","type-post","status-publish","format-standard","hentry","category-market-news","entry"],"acf":[],"yoast_head":"\nRegulatory review of 30 Swiss banks uncovers inadequate money laundering risk analysis - Wall Street PR<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cablemanpro.com\/wallstreetpr\/regulatory-review-of-30-swiss-banks-uncovers-inadequate-money-laundering-risk-analysis-77283\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Regulatory review of 30 Swiss banks uncovers inadequate money laundering risk analysis - 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