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For Swiss Bankers, Tougher AML Enforcement Translates to Personal Liability

By Daniel Bethencourt

While U.S. officials periodically have announced plans to more frequently punish individual bankers involved in institutional violations, the practice has long been the norm in Switzerland, where the country's chief banking regulator can use a variety of mechanisms to pursue employment bans against responsible parties. Recent months have seen the Financial Market Supervisory Authority, or FINMA, more frequently issue private letters to Swiss bank executives who have resigned amid financial scandals, notifying them that they have been placed on a "watch list" and cautioning them to first notify the agency before going back to work in the financial sector, prominent...

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