Stricter graft guidelines that Switzerland plans to vote into law will bar companies from deducting bribes and fines from their taxes, but still let them write off illegally gained profits seized by regulators. Switzerland’s federal cabinet approved a new graft bill on Wednesday that would end the tax break for bribes, a reform it decided […]

The Swiss Financial Market Supervisory Authority (FINMA) has produced a circular (2017/1) containing a consolidation of the supervisory requirements relating to corporate governance, internal control systems and risk management for banks. The circular includes provisions to reflect revised international standards. In addition, FINMA has revised two further circulars (i) operational risks – banks (2008/21) and […]

Roughly 15 Swiss banks are in a “red zone” of lenders particularly exposed to money laundering risks, the head of Swiss banking watchdog FINMA said in a newspaper interview published on Sunday. Swiss federal prosecutors last week said that they have opened criminal proceedings against Zurich-based Falcon Private Bank for alleged failure to prevent suspected […]

The Swiss Financial Market Supervisory Authority FINMA has opened a consultation on the draft revised version of the FINMA Anti-Money Laundering Ordinance. The revised ordinance reflects both the revised Anti-Money Laundering Act of 12 December 2014 and the revised Financial Action Task Force recommendations. The revised ordinance also includes insights gained from supervisory practice and […]