Regulator’s review of over 30 Swiss banks finds shortcomings in money-laundering controls
By JAMEY KEATEN
Associated Press
GENEVA (AP) — Switzerland’s financial markets authority says an in-depth review of more than 30 banks conducted this spring found that “a large number” failed to meet basic requirements for analyzing the risk of money laundering. The authority, known as FINMA, says the review was prompted by repeated signs of shortcomings in money-laundering risk analysis during its regular visits to financial institutions. The poor assessment of the banks — which were not identified by name — is significant because Switzerland ranks No. 1 worldwide in wealth management.
