News

Switzerland's banking supervisor plans to more frequently ping financial institutions about their murkier clients after confirming in a report that domestic firms remain highly vulnerable to exploitation by money launderers and other financial criminals. The Financial Market Supervisory Authority, or Finma, detailed the main threats affecting the safety and soundness of the domestic financial sector, including increasing cyberattacks, interest rate uncertainty and an expected drop in real estate transactions, in its latest Risk Monitor, which was published Wednesday. Switzerland's role as a global wealth management center continues to expose lenders and other institutions to the movement of illicit financial flows,...