FINMA

Credit Suisse: Swiss financial watchdog calls for more powers after Credit Suisse crash

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Credit Suisse: Swiss financial watchdog calls for more powers after Credit Suisse crash

BERN: Credit Suisse came close to imploding months before its eventual rescue, the Swiss financial regulator said on Tuesday in its first detailed account of the crisis, as it argued for stronger powers to oversee lenders in future. The regulator, Finma, which has come under fire for its supervision of the bank, defended its role … Read more

Regulator’s review of over 30 Swiss banks finds shortcomings in money-laundering controls

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Regulator’s review of over 30 Swiss banks finds shortcomings in money-laundering controls

Switzerland’s financial markets authority said Thursday that an in-depth review of more than 30 banks conducted this spring found that “a large number” failed to meet basic requirements for analysing the risk of money laundering. The authority, known as FINMA, said the review was prompted by repeated signs of shortcomings in money-laundering risk analysis during … Read more