SwitzerlandSwitzerland’s Federal Council announced that the Federal Act on the Adaptation of Federal Law to Developments in Distributed Electronic Register Technology will enter fully into force on Aug. 1, 2021.
The Swiss Federal Intelligence Service published a Situation Report on the country’s security situation for 2021, including with respect to the use of financial sanctions.
Dutch lender avoids criminal charges, Hinduja Bank loses Cayman license, and more, in the weekly roundup.
Weekly Roundup: Julius Baer Settles US Money Laundering Case, New Zealand Sues TSB Bank, and More
Switzerland penalizes ex-manager of PKB Privatbank, U.S. bank executives remain wary of cryptocurrency, and more, in the weekly roundup.
The Swiss Financial Market Supervisory Authority announced that it has found the Lugano, Switzerland-based bank in serious breach of the anti-money laundering requirements in connection with Venezuelan client relationships.
The Swiss Financial Market Supervisory Authority issued a reprimand against the Geneva, Switzerland-based private bank for breaches of the due diligence requirements under the 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 : 93/141 |
| Score : 4.74/10 |
| Rank : 4/180 |
| Score : 85/100 |
| Rank : 3/133 |
| Score : 74/100 |