Switzerland's financial markets authority claimed a recent review of over 30 banks found that 'a large number' fail to meet basic requirements for money laundering risk analysis.
For example, it said the reviewed banks often did not set necessary exclusions for some countries, client segments, and services or products, such as for"politically exposed persons" — individuals with a prominent function or role — in some countries. Nor did most of the banks establish proper ways of allowing for exceptions, the authority said.
The review"regularly" found that banks had not broken down risks"individually or comprehensively" or that some types of risks relevant to the banks went uncovered. Some banks did not compile key figures on risk exposure to money laundering among their clients. Authorities in Switzerland and beyond have unearthed a string of money laundering cases involving Swiss financial institutions in recent years.In June last year, a Swiss court fined Credit Suisse over $2 million for failing to prevent money laundering linked to a Bulgarian criminal organization more than a decade ago. An array of troubles at Credit Suisse, long Switzerland's No.
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