HALISTER1: Swiss Bank Regulator’s Penalties Deemed Feeble by OECD: SoZ

Swiss Bank Regulator’s Penalties Deemed Feeble by OECD: SoZ

(Bloomberg) -- Swiss bank regulator Finma’s penalties on errant lenders are deemed to be feeble by the Organization for Economic Cooperation and Development, SonntagsZeitung (SoZ) reports, citing unpublished institution document.
  • Sanctions against bank management and employees who failed to do due diligence have not been visible enough, SoZ reports, citing study by money laundering experts
  • Lawyers involved in offshore businesses are partly exempt from due diligence rules, contrary to international standards
  • The report, by OECD’s Financial Action Task Force, is to be published in December, SoZ says
  • Representatives from OECD and FATF couldn’t immediately be reached for comment by e-mail outside of normal business hours
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
9829261Z SW (Eidgenossische Finanzmarktaufsicht FINMA)

To de-activate this alert, click here

UUID: 7947283