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After discovering widespread flaws with how Swiss wealth managers and trustees observe Western sanctions against Russia, Switzerland's national anti-money laundering regulator has ordered their direct supervisors to audit them for that purpose annually, starting this year. Switzerland's Financial Markets Supervisory Authority, or Finma, primarily oversees banks and other financial institutions for prudential, AML and other purposes, while also governing each of the five "supervisory organizations," or SOs, that the nearly 1,200 non-bank trustees and wealth managers licensed by the country can choose as their direct AML supervisor. The sector, which became fully subject to AML rules only four years ago,...