Swiss Bank Regulator’s Penalties Deemed Feeble by OECD: SoZ
Source: BFW (Bloomberg First Word)
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(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deemed to be feeble by the Organization for Economic Cooperation and Development, SonntagsZeitung (SoZ) reports, citing unpublished institution document.
Alert: HALISTER1- 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
Source: BFW (Bloomberg First Word)
Tickers
9829261Z SW (Eidgenossische Finanzmarktaufsicht FINMA)
To de-activate this alert, click here
UUID: 7947283