Latest Money Laundering news and updates from Switzerland. AI-curated articles covering Money Laundering topics.
A review by the Swiss Financial Market Supervisory Authority (FINMA) has found that despite improvements, Swiss financial institutions still have significant weaknesses in their risk analysis for money laundering, especially concerning politically exposed persons and crypto services.
Monaco's financial watchdog has fined UBS €6 million for numerous serious breaches in its controls against money laundering and terrorist financing between 2018 and 2023. The regulator cited an "overall failure" in the bank's compliance and internal control systems.
Gulnara Karimova, daughter of Uzbekistan's former president, is on trial in Switzerland's Federal Criminal Court, accused of leading a criminal organization known as 'The Office' and laundering vast sums through Swiss banks.
Swiss authorities are making decisive moves against illicit finance, confirming the freezing of CHF 687 million in assets linked to Venezuela's Maduro regime. Separately, the US has labeled Swiss-based MBaer Merchant Bank a 'primary risk for money laundering', triggering a FINMA investigation.
The United States has labelled Zurich-based MBaer Merchant Bank a threat for primary money laundering, accusing it of channeling millions for entities linked to Iran and Russia. The US Financial Crimes Enforcement Network (FinCEN) aims to cut off the bank's access to the American financial system, prompting Swiss regulator FINMA to appoint an investigator.
The Swiss Attorney General has charged a former Credit Suisse employee with money laundering in connection with over $2 billion in loans to Mozambican state companies. Successor bank UBS is also criticized for organizational failures in preventing the offense.
From trusted Swiss news outlets