Our monthly compliance newsletter (English and German articles) contains many articles worth reading in the areas of regulatory compliance, cryptocurrency compliance, ESG compliance as well as current articles about white collar crime, corruption and bribery.
FINMA News keeps you up to date with the latest information and updates by the FINMA, SECO and WBF. You can filter for sanction updates, news’ items and information by sector or category, or arrange them by year.
The days of the aspirational, marketing-driven corporate sustainability report are dead. In their place, consumers, investors, and regulators now expect companies to have some serious and verifiable substance behind their sustainability claims. The problem is: A large number of companies are failing.
Dates: 26.10., 23.11.2023 Time: @ 10h CET in German, @ 11h CET in English Length: Approx. 15-20 minutes Theme: How to save time and further resources on deep dive EDD investigations with focus on AML risks, ESG risks and social media screening.
CURENTIS has been a KYC Spider partner since 2022 and opened its Zurich office last month. With a focus on AML and Avaloq consulting, CURENTIS brings its compliance consulting services to Switzerland to support financial institutions with the challenge related to anti-money laundering and the use of the Avaloq platform.
Blockchain analytics involves examining blockchain data to uncover patterns and connections in virtual asset (VA) transactions. This makes it an important AML due diligence tool for VAs. It has many elements and requires expertise in this area.
The Federal Council wants to adapt the reporting obligations (non-financial report) and the due diligence obligations for supply chains (supply chain due diligence) to the development in the EU and has coordinated key data for a consultation draft.
Starting in the new year, board members of major Swiss companies are required to endorse and sign non-financial reports and due diligence reports, with some setting ESG goals; hence, they should comply with new laws and maintain appropriate processes and documentation to avoid legal consequences.
Von konservativ bis sportlich – die Aufsichtsbehörde Finma stellt fest, dass die Banken sich stark unterscheiden bei der Hypothekenvergabe für Immobilien. Die Banken haben in der Schweiz über 1000 Milliarden Franken an Hypotheken vergeben. Der Hypothekarmarkt als Ganzes ist damit sicherlich «too big to fail».
The FINMA has determined in the course of enforcement proceedings that Comparis qualifies as an insurance intermediary. Accordingly, Comparis must immediately register as an untied insurance intermediary.
Public transparency registers on the ultimate beneficial owners of companies are an extremely important anti-money laundering tool. Unfortunately, they are still insufficiently disseminated worldwide, which severely hampers efforts to combat money laundering and illicit financial flows.
Switzerland’s government managed to head off a spiralling European banking crisis when it orchestrated UBS’s $3.3 billion takeover of Credit Suisse six months ago — but the long-term pain has only just begun, with $9 billion of legal claims already filed and more cases in the works.
A Swiss court is weighing whether to grant Credit Suisse investors access to more documents on a CHF16 billion writedown of the bank’s bonds, a move the lender has opposed. In the battle for disclosure, investors scored an early win in May when the St. Gallen court ordered the release of FINMA’s decrees on the writedown.
On September 26, 2023, the Deutsche Bundesbank published the updated version of the Basel III monitoring. Essentially, the aim is to assess the impact of the Basel III reform package on the banking sector. The focus is on the impact on capital requirements.
European Union regulators on Tuesday warned that “complex and opaque” global crypto companies could try to exploit differences among member states, saying that some may try to operate from overseas via EU-based shells even after its landmark Markets in Crypto Assets regulation (MiCA) takes effect.
More than 100 accounts on the world's largest crypto exchange, Binance, have been frozen at the request of Israeli law enforcement since the Oct. 7 attacks by Hamas in a bid to curtail the Palestinian militant group's funding, the Financial Times reported.
Zuger Kantonalbank’s customers can invest in a range of leading cryptocurrencies. Sygnum’s fiat-digital-asset-gateway enables them to conveniently buy and trade cryptocurrencies via ZGKB's e-banking and mobile banking app. Assets are secured by Sygnum’s multi- custody solution and held off balance sheet, eliminating all counterparty risk towards Sygnum.
The rise of cryptocurrencies has inspired central banks and private enterprise to redesign money, including the Swiss franc, by clothing it in the latest digital technology. Switzerland is well placed to take a leading role, having established a network of cryptocurrency companies, collectively known as “Crypto Valley”, which interact with the traditional financial sector.
Three ways artificial intelligence can improve Decentralized finance (DeFi's) accessibility, security and compliance, bringing more capital into the industry. People in all parts of the world, regardless of their financial status or location, could better their lives through DeFi.
Despite the crypto-market crash in spring 2022 and the collapse of FTX in Nov'22, decentralised finance (DeFi) proponents are still predicting that DeFi may soon go mainstream. As well as the increasing involvement of regulated financial institutions in the DeFi area, the incipient presence of regulatory, supervisory and oversight frameworks may lead to more mainstream acceptance of DeFi.
„Die Tokenisierung von realen Vermögenswerten ist eine bedeutende Entwicklung, die bereits Form angenommen und sogar eine beträchtliche Marktkapitalisierung erreicht hat. Der Artikel wirft einen Blick auf die Unterschiede zwischen digital nativen tokenisierten und realen tokenisierten Vermögenswerten sowie die Vorteile, aber auch die Herausforderungen, die letztere mit sich bringen.
The EU and UK may both be contemplating new rules to cover crypto staking — as regulatory action in Switzerland and Singapore offers a cautionary tale.
A Binance executive said the cryptocurrency exchange plans to delist stablecoins in the European market by June 2024 in order to comply with standards laid out by MiCA.
Web3 is a term used to describe the next iteration of the internet, one that is built on blockchain technology and is communally controlled by its users.
The Taskforce on Nature-related Financial Disclosures (TNFD), a global market-led initiative which aims to provide financial institutions and corporates with a complete picture of their environmental risks and opportunities, has delivered its framework for organizations to report and act on evolving nature-related risks.
The aim of a politically broad-based parliamentary initiative is to amend Swiss legislation to allow the introduction of a voluntary legal status of a «Sustainable Enterprise».
SAP Fioneer has launched its first software solution for ESG data orchestration and calculation for portfolio and single exposure KPI. The solution not only plugs the data gap banks and insurers need to remain ESG compliant, but also enables them to leverage the pertinent business potential.
"If you're in a money management business, you do need returns," said S&P Global's Vice Chairman Dan Yergin. “And we’ve seen that with more North American funds that, yes, we want to do energy transition, we want to do ESG. But we actually need returns as well. And that has shifted — the attitude — there’s kind of a more realism,” Yergin said.
It may sound contrary to the do-good, feel-good imagery of ESG and sustainability, but if you want businesses to change behaviors, money will always be the catalyst.
The energy transition is spurring unprecedented market volatility and uncertainty. Here’s how traders, producers, and broader energy players can prepare.
Between 1990 and 2020, 420 million hectares of forest were lost worldwide - an area larger than the EU. Deforestation is a major driver of climate change and biodiversity loss.
The US Department of Justice (DOJ) has stepped up its probe into CS and UBS over suspected compliance failures which allowed Russian clients to evade sanctions, according to people familiar with the situation. What began as a series of subpoenas sent to a range of banks early this year has developed into a full-scale investigation focusing on Credit Suisse.
Analyse, Ermittlungen, Aufsicht: Finanzminister Lindner will alle Kompetenzen im Kampf gegen Geldwäsche in einer neuen Behörde bündeln – und Deutschlands Defizite in diesem Bereich endlich angehen.
Tag der Abrechnung im Wirecard-Prozess: Die Strafverfolger weisen die Darstellung des langjährigen Konzernchefs Markus Braun scharf zurück. Seine Versuche, sich »zum Opfer zu stilisieren«, gingen an der Realität vorbei.
The Securities and Exchange Commission today charged registered investment adviser DWS Investment Management Americas Inc. (DIMA or DWS), a subsidiary of Deutsche Bank AG, in two separate enforcement actions, one addressing its failure to develop a…
The Paris public prosecutor's office is investigating LVMH CEO Bernard Arnault over financial transactions involving Russian oligarch Nikolai Sarkisov.
Handshake approach that helped rule motorsport for decades appears to have been his downfall: Ecclestone given suspended sentence after pleading guilty to fraud. Bernie Ecclestone ran Formula One almost single-handedly for decades.
In Singapur ist ein milliardenschwerer Fall von Geldwäsche aufgedeckt worden. Im Zuge von Ermittlungen wurden bisher Vermögenswerte in Höhe von umgerechnet knapp zwei Milliarden Euro beschlagnahmt.
Dates: 26.10., 23.11.2023 Time: @ 10h CET in German, @ 11h CET in English Length: Approx. 15-20 minutes Theme: How to save time and further resources on deep dive EDD investigations with focus on AML risks, ESG risks and social media screening.
When: 27.10.2023, @14h CET, in German Themes: Effects of the EU Taxonomy on the Reporting of Credit Institutions, Calculation and reporting requirement of GAR, New templates for non-financial reportin, Challenges for credit institutions
When: 9.11.2023 Themes: At the IFZ Sustainable Investments Day, the Institute of Financial Services (IFZ) presents the current IFZ study on sustainable investment funds in Swiss distribution. This year's focus is specifically on sustainable funds and social responsibility.
HSLU, 03.10.2023
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