SwitzerlandSwitzerland and Singapore will co-host the first international conference on financial technology, or fintech, titled “Point Zero Forum”, to be held in Zurich from June 21 to 23, 2022.
Switzerland’s Federal Council announced the decision to adopt the EU’s sixth package of sanctions against Russia and Belarus in response to the ongoing military aggression in Ukraine, which introduces bans on the provision of audit and business consulting services.
Credit Suisse Convicted of AML Failings in Cocaine Baron Case
Switzerland’s top court on Monday ordered Credit Suisse to pay a record CHF21 million ($22 million) penalty for anti-money laundering violations related to its handling of millions of francs worth of drug profits.
Austrian bank’s legal appeal rejected, former Privatbank manager fined for AML violations, and more, in the weekly roundup.
The Office of the Attorney General of Switzerland (OAG) ordered three Swiss subsidiaries of the multinational group SBM Offshore to pay over CHF 7 million for failing to prevent bribery of foreign public officials in Angola, Equatorial Guinea and Nigeria.
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.
| 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 |