Swiss banks urged to step up fight against financial crime
The banking industry must send out a clear message that it is committed to consistently prevent and detect financial crimes, wrote the researches.
Keystone
Swiss financial institutions and public authorities must do more to prevent organised crime and money laundering within the financial system, a study by the consulting firm KPMG published on Tuesday has found.
The authors of the study called “Clarity on Crime in Financial Services” highlighted several challenges and problems which must be addressed if banks want to successfully prevent and identify criminal financial activities in future.
New technologies and digital currencies had made it increasingly difficult to track cross-border cashflows, the study found.
But current financial regulations are not keeping up with the speed of recent technological development.
Some 50 banks surveyed had deficits in their risk approaches and their IT infrastructures, the researchers found.
Action required
The banking industry must send out a clear message that it is committed to consistently prevent and detect financial crimes, wrote the researches.
Banks must also raise awareness of the problem among their employees to help them achieve their compliance goals and reduce costs.
What is needed is a sound internal framework which counters the risk of financial crime. Banks must foster a strong compliance culture. The onus is on management to set “an appropriate tone”, which includes enforcing penalties for employees who violate guidelines, wrote the researchers.
Good reporting practice would be beneficial for the entire financial market in Switzerland, the authors concluded.
More
More
Record reached for suspected money-laundering reports
This content was published on
Record number of reports made to the Swiss money-laundering watchdog in 2017, worth a “striking” CHF16 billion ($16.2 billion), the agency has said.
Swiss central banker wants to boost equity to head off risks
This content was published on
Equity levels at the Swiss National Bank (SNB) are much too low for the risks its large balance sheet poses, according to Martin Schlegel.
Beer sales in Switzerland watered down by bad weather
This content was published on
The past brewing year fell through in Switzerland, partly due to the bad weather. Beer sales shrank again. For the first time, per capita consumption fell below the 50 liter mark.
Compensation for Syrian after pregnant wife denied help on Swiss train
This content was published on
Switzerland’s Federal Court has partially upheld the appeal of a Syrian family being deported from Switzerland to Italy in 2014. The man now also receives compensation.
Swiss-EU negotiations: Cassis to meet Sefcovic in Bern
This content was published on
Swiss Foreign Minister Ignazio Cassis will meet the Vice-President of the EU Commission, Maros Sefcovic, in Bern on Wednesday.
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.
Read more
More
Unreported corruption still likely in Switzerland
This content was published on
The annual surveyExternal link, published on Wednesday, ranks 176 countries on a scale of 100 (very clean) to 0 (highly corrupt). In 2015 Switzerland was ranked seventh, but this year with a score of 86, Switzerland slotted beneath northern European countries and New Zealand. The global average score is 43, a ranking allotted this year…
UN expert: Switzerland must do more to combat ‘dirty money’
This content was published on
A UN expert has called for tougher sanctions and other measures to keep so-called ‘dirty money’ from entering Swiss financial markets.
This content was published on
The Swiss real estate is an attractive option for high yielding Swiss franc investments. But it can also be used for money laundering.
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.