Financial Crime World

Compliance Training Crucial for Swiss Financial Professionals Amidst FinSA Implementation

The Swiss Financial Services Act (FinSA/LSFin), which came into effect in January 2020, has brought about significant changes for financial services providers operating in Switzerland. The new law aims to:

  • Establish a code of conduct for the provision of financial services and instruments
  • Promote fair competition among providers
  • Enhance investor protection

FINMA Emphasizes Importance of Compliance

The Swiss Financial Market Supervisory Authority FINMA has emphasized the importance of compliance with FinSA/LSFin, which requires financial institutions to:

  • Segment clients into three categories: private, professional, or institutional
  • Know their clients’ risk profiles and apply appropriate codes of conduct

eSkills Develops Comprehensive Training Program

To help financial professionals navigate these new regulations, eSkills has developed an e-learning program in collaboration with CoFaktory, a leading regulatory expert in Switzerland. The comprehensive training is designed specifically for client advisors at Swiss banks and foreign institutions serving clients in Switzerland.

The FinSA/LSFin course covers essential topics such as:

  • Classifying customers according to the main principles of the law
  • Distinguishing between its objectives and principles
  • Applying behavioral rules in financial services provision
  • Complying with “Best Execution” rules and organizational regulations

Interactive Case Studies and Certification

One of the unique features of this training is its interactive case studies, which provide realistic scenarios that financial professionals may encounter in their daily work. This allows learners to immerse themselves in different situations and familiarize themselves with compliant responses.

Learners can also validate their skills through a certification test.

Additional Resources and Assessment

The course offers:

  • Downloadable informative guides on client segmentation, code of conduct, and client risk profile forms
  • A formal assessment consisting of 10 questions with a passing grade of 70%

Multi-Lingual and Customizable Training

To cater to multi-lingual workforces, the training is available in both English and French. Furthermore, eSkills offers flexible and customizable programs that can be tailored to individual institutions’ needs.

Conclusion

The implementation of FinSA/LSFin highlights the importance of compliance for Swiss financial professionals. With this comprehensive e-learning program, eSkills aims to equip client advisors with the knowledge and skills necessary to navigate the new regulations and ensure compliant practices in their daily work.