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FINMA takes enforcement action against two banks

News 18 November 2021 Press release Combating money laundering 2021 Money laundering: FINMA concludes final proceedings connected with Venezuela The Swiss Financial Market Supervisory Authority FINMA has concluded two further proceedings focusing on Venezuelan business relationships. In these, it found that Banca Zarattini & Co. SA along with CBH Compagnie Bancaire Helvétique SA […]

FINMA announces AML investigations of Julius Baer managers

News 21 January 2021  Press release   Combating money laundering   2021 Violations of anti-money laundering regulations: FINMA investigated responsibility of Julius Baer managers The Swiss Financial Market Supervisory Authority FINMA has investigated the responsibility of individuals for serious anti-money laundering failings at Julius Baer. It has decided to initiate […]

FINMA Enforcement Action: Banca Credinvest

News 06 October 2020 Press release 2020 Combating money laundering FINMA concludes proceedings against Banca Credinvest The Swiss Financial Market Supervisory Authority FINMA has found that Banca Credinvest seriously breached anti-money laundering regulations in its handling of Venezuelan client relationships. FINMA recently concluded corresponding enforcement proceedings and imposed a variety of measures. FINMA […]

Swiss miss: FINMA enforcement action against Bank SYZ

News 24 September 2020 Press release 2020 Combating money laundering FINMA reprimands Bank SYZ for breaches of anti-money laundering regulations The Swiss Financial Market Supervisory Authority FINMA has determined in enforcement proceedings that Bank SYZ SA breached anti-money laundering regulations. The breaches occurred in the course of a very important business relationship […]

FINMA enforcement actions: Julius Baer

Serious AML failings at Julius Baer The Swiss Financial Market Supervisory Authority FINMA has found that Julius Baer fell significantly short in combating money laundering between 2009 and early 2018. The shortcomings arose in connection with alleged cases of corruption linked to PDVSA, an oil company, and FIFA, the world […]

FINMA issues stable coin guidelines

FINMA publishes ‘stable coin’ guidelines  The Swiss Financial Market Supervisory Authority FINMA today publishes a supplement to its ICO guidelines outlining how it treats so-called ‘stable coins’ under Swiss supervisory law. FINMA has seen a steady increase in the number of ‘stable coin’ projects since 2018. In this context, FINMA […]

FINMA Guidance on blockchain & AML

News 26 August 2019  Press release   FinTech FINMA guidance: stringent approach to combating money laundering on the blockchain The Swiss Financial Market Supervisory Authority FINMA has published guidance on how it applies Swiss anti-money laundering rules to financial services providers supervised by FINMA in the area of blockchain technology. […]

FINMA shuts down illegal ICO

FINMA ascertains illegal activity by envion AG The Swiss Financial Market Supervisory Authority FINMA has found that envion AG (now in liquidation) unlawfully received public deposits on a commercial basis from at least 37,000 investors. The company is currently being liquidated by the Zug bankruptcy authority. In March 2019, FINMA […]