HALISTER1: Falcon Bank Deserved Second Chance, Swiss Regulator Tells SZ

Falcon Bank Deserved Second Chance, Swiss Regulator Tells SZ

(Bloomberg) -- Falcon management deserved a chance, faces suspension of license in case of repetition, Finma CEO Mark Branson tells SonntagsZeitung in an interview.
  • Says some 15 banks particularly exposed to risk of money laundering, especially those in wealth management with clients from emerging markets
  • Negative rates worry Finma, says the longer the situation continues, the more business model of banks is threatened and margins in traditional business with retail clients will decrease
  • Banks need to diversify and seek other source of income, like higher fees for managing bank accounts
  • NOTE: Oct. 13: FINMA Sees Increase in Banks Discovering Money Laundering: TdG
  • NOTE: Oct. 12: MORE: Swiss A-G Opens Proceedings Against Falcon Private Bank
  • NOTE: Oct. 11: Switzerland, Singapore Target UBS, Falcon Bank in 1MDB Crackdown
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
181586Z UH (Abu Dhabi Investment Authority)

People
Mark Branson (Eidgenossische Finanzmarktaufsicht FINMA)

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