Swiss Federal Councilors announced their participation to the Spring Meetings of the International Monetary Fund and the World Bank, as well as the ministerial meeting of the Financial Action Task Force in Washington from April 17 to 19, 2024.
In the wake of the Credit Suisse collapse, the Swiss Federal Council published a report on the regulation of systemically important banks and proposed a broad package of measures to reduce risks to the economy, the state, and the taxpayer.
SAR Surge Inundates Switzerland’s FIU
The annual volume of suspicious activity reports filed in Switzerland rose tenfold over the past decade, a surge that has brought MROS, the country’s financial intelligence unit, to the “limits of its human and technical resources,” the agency warned Thursday.
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The Office of the Attorney General of Switzerland announced that the Zürich, Switzerland-based bank was ordered to pay a fine of CHF 750,000 after it was convicted of corporate liability in connection with aggravated money laundering committed by two employees.
The Swiss Financial Market Supervisory Authority, or FINMA, announced that the Geneva, Switzerland-based branch of a large Lebanese banking group was found to have violated anti-money laundering regulations.
Technical | Effectiveness |
---|---|
Compliant : 8 | High : 0 |
Largely Compliant : 27 | Substantial : 7 |
Partially Compliant : 5 | Moderate : 4 |
Non-Compliant : 0 | Low : 0 |
Switzerland's technical compliance was re-rated in a Feb. 13, 2020 follow-up report
Rank : 68/110 |
Score : 4.89/10 |
Rank : 7/180 |
Score : 84/100 |
Rank : 3/133 |
Score : 74/100 |