The Swiss Financial Market Supervisory Authority, also known as Finma, reiterated calls to lawmakers Tuesday to furnish the agency with new power to impose monetary penalties and name and shame companies that breach regulations. Finma drew heavy criticism following the collapse of Credit Suisse, which UBS, the lender's historical rival, acquired in June after poor risk management, most notably major investments into two high-profile failed ventures—Greensill Capital and Archegos Capital Management—fueled a run on the now-defunct bank's deposits. In "Lessons Learned from the CS Crisis," an 84-page report on Finma's supervision of Credit Suisse since 2008, the agency concluded Tuesday...
The Swiss Financial Market Supervisory Authority, also known as Finma, took the rare step Thursday of chastising dozens of domestic banks for consistently failing to gauge their exposure to money launderers and other profit-driven criminals.