by As a Swiss bank gets slapped for breaching money-laundering rules, this sculpture in Caracas pays homage to the oil workers of Petroleos de Venezuela SA (PDVSA). Keystone / Rayner Pena R The Swiss Financial Market Supervisory Authority (FINMA) has found that Banca Credinvest “seriously violated money-laundering regulations” in its handling of Venezuelan client relationships. On Tuesday the watchdog announced that it had ordered the Ticino-based bank to monitor all private banking clients in order to identify and address any additional money-laundering risks. In 2018 FINMA opened enforcement proceedings against the bank in the context of suspected corruption linked to Venezuelan oil company PDVSA. According to FINMA, the bank’s measures against money laundering and
Topics:
Swissinfo considers the following as important: 3) Swiss Markets and News, 3.) Swiss Info, Business, Featured, newsletter
This could be interesting, too:
Vibhu Vikramaditya writes Navigating the Slippery Slope: How Hoover’s Interventions Paved the Way for the Great Depression
Ryan McMaken writes Frédéric Bastiat Was a Radical Opponent of War and Militarism
Douglas French writes Millennials: In Costco We Trust
Vasil Georgiev writes Luftfahrtindustrie: Rückblick auf 2023 und Prognose für 2024
As a Swiss bank gets slapped for breaching money-laundering rules, this sculpture in Caracas pays homage to the oil workers of Petroleos de Venezuela SA (PDVSA). Keystone / Rayner Pena R
The Swiss Financial Market Supervisory Authority (FINMA) has found that Banca Credinvest “seriously violated money-laundering regulations” in its handling of Venezuelan client relationships.
On Tuesday the watchdog announced that it had ordered the Ticino-based bank to monitor all private banking clients in order to identify and address any additional money-laundering risks.
In 2018 FINMA opened enforcement proceedings against the bank in the context of suspected corruption linked to Venezuelan oil company PDVSA. According to FINMA, the bank’s measures against money laundering and risk management were insufficient. In particular, it says the bank violated its due diligence obligations in the area of combating money laundering between 2013 and 2017.
The watchdog says Banca Credinvest insufficiently identified its customers and beneficial owners, insufficiently monitored the transactions of these customers, incompletely documented the processes and was too late in reporting suspicious facts to the authorities.
“In order to restore the orderly state of affairs” FINMA has now ordered various measures, which the bank has already begun to implement. Among other things, the bank must check all private banking clients for increased money-laundering risks.
You Might Also Like
Swiss sustainable finance: world leader or wishful thinking?
The Swiss financial centre wants to take a lead in ethical investing. NGOs, however, fear the banks are more interested in cashing in than saving the planet. One thing everyone agrees on is the need for a universal definition of sustainable finance and measures to oversee the sector.
Tour group blames coronavirus for 70 Swiss job cuts
German tour operator TUI is to close eight of its 62 branches in Switzerland with the loss of around 70 jobs, owing to the effects of the coronavirus crisis.
Banks braced as pandemic poses biggest test since financial crisis
During the depths of the coronavirus crisis in Europe in late March, Sergio Ermotti remembers sitting in his home study in Lugano, reflecting on the latest financial meltdown to engulf his career as a banker.
Families face large differences in tax rates across Switzerland
A comparison of tax rates across different cantons and cities found that Zug – home to many multinational companies – offers the most attractive tax regime for families.
Trading platforms profit from pandemic chaos
While Covid-19 has been wreaking havoc on the economy, many banks and trading platforms have recorded bumper results. Profits were boosted by elevated trading activity, but future prospects are mixed depending on the type of financial player.
Pandemic speeds up push to digital as bank branches close
Swiss lender Credit Suisse is set to launch an overhaul of its digital banking offering, as it uses the coronavirus crisis as a springboard to accelerate the push from bricks-and-mortar branches to online services.
Credit Suisse makes digital push as it closes down branches
Credit Suisse is taking on so-called challenger banks with a new digital service for customers, including a debit card with no foreign transaction fees. The bank is closing down branches across Switzerland and is converting others into a “digital bar” concept.
Swiss regulator censures Bank Syz over money laundering
The Swiss financial market regulator FINMA has reprimanded Bank Syz for breaching money laundering rules involving a business relationship with an Angolan client.
Tags: Business,Featured,newsletter