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.
Is your place of origin, your Heimatort, important to you?
Every Swiss citizen has a Heimatort, a place of origin, but many have never visited theirs. What’s your relationship with your Heimatort? What does it mean to you?
Swiss Guard swearing-in ceremony postponed following Pope Francis death
This content was published on
The swearing-in ceremony of the Pontifical Swiss Guard, which usually takes place on May 6 each year, has been postponed to a date to be announced next autumn.
Swiss medical device maker Ypsomed to sell diabetes business
This content was published on
Bern-based injection device manufacturer Ypsomed announced on Tuesday that it was selling its diabetes-related activities.
Award-winning Swiss author and scholar Peter von Matt dies aged 87
This content was published on
The Alemannic writer and former professor of German literature Peter von Matt died on Monday in Zurich at the age of 87, following a long illness.
Swiss foreign minister spoke with Iranian counterpart about US dialogue
This content was published on
Swiss Foreign Minister Ignazio Cassis has spoken with his Iranian counterpart Abbas Araghchi about the current dialogue between the US and Iran.
Swiss foreign minister appeals for cohesion and dialogue at Expo in Japan
This content was published on
Swiss Foreign Minister Ignazio Cassis called for cohesion and dialogue at the opening of the Swiss National Day at Expo 2025 in Osaka, Japan, on Tuesday.
Switzerland postpones launch of emergency number for domestic violence victims
This content was published on
The launch of the “142” emergency number, which aims to help victims of domestic violence in Switzerland, has been postponed to May 2026.
This content was published on
Swiss insurers Baloise and Helvetia have announced plans to merge into one company, becoming the largest employer in the Swiss insurance sector.
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.