A REPORT published today by Switzerland’s financial regulator finds a string of the most basic AML failings in a review of 30 banks.
Regulator FINMA said it looked into the risk of money laundering at the banks this spring after identifying shortcomings in the area.
“In particular, an adequate definition of the money laundering risk tolerance, which forms the limiting framework of a robust risk analysis through set limits, was lacking in some cases,” the explosive report finds.
The watchdog said it has repeatedly identified shortcomings in the area of the money laundering risk analysis during on-site supervisory reviews.
This it said had prompted the in-depth review of the money laundering risk analyses of more than thirty banks in spring 2023.
“This revealed that many of the risk analyses examined did not meet the requirements. For example,