Swiss regulator finds weaknesses in banks’ money-laundering risk analysis

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Swiss regulator finds weaknesses in banks’ money-laundering risk analysis

Swiss financial institutions have improved their measures against money laundering. According to the financial regulator FINMA, however, weaknesses remain in risk analysis, especially in the case of politically exposed persons, complex company structures and crypto services. + Get the most important news from Switzerland in your inbox Although Swiss financial institutions have stepped up measures against money laundering, the Swiss Financial Market Supervisory Authority FINMA believes that more needs to be done. The authority said on Thursday that banks, asset managers and other financial institutions could make even better use of their options, particularly when it comes to assessing and monitoring risks. Following an investigation in 2023, FINMA has now re-examined the risk analyses of more than 30 banks and scrutinised numerous other institutions. It found that some risks were not recorded in sufficient detail, exceptions to internal requirements were authorised too generously …

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