Here is the converted article in markdown format:

FINMA Opens Enforcement Proceedings Against Bank for Possible Breaches of Regulatory Laws

The Swiss Financial Market Supervisory Authority (FINMA) has opened enforcement proceedings against a bank for possible breaches of regulatory laws, including anti-money laundering laws and regulations.

Background

According to sources, the bank in question received repeated warning signs but chose to ignore them without justification. FINMA’s analysis revealed that the bank lacked critical thinking and had inadequate monitoring systems in place, which may demonstrate gross negligence or inadequate organization.

Importance of Effective Risk Management and Compliance Practices

This development highlights the importance of effective risk management and compliance practices in the financial sector. FINMA’s enforcement proceedings can be highly useful in establishing certain critical aspects or facts that are decisive for the bank’s civil or criminal liability.

Recent Case: Credit Suisse AG

In a recent case involving Credit Suisse AG, FINMA produced a 270-page report highlighting repeated warning signs that the bank received but chose to ignore without justification.

Victims of Fraud Can Seek Compensation

Victims of fraud can file civil claims against the bank in the criminal proceedings to seek compensation for their damages resulting from the fraud. In some cases, the criminal proceedings against the bank may be sufficient, particularly when the victim has “only” suffered unauthorized payments. However, in more complex instances of fraud, criminal courts typically rule on the criminal offenses and refer the client to the civil court for their damages claim.

Global Strategy Crucial for Large Fraud Cases

When it comes to large fraud cases involving multiple jurisdictions, it is crucial for lawyers from each jurisdiction to collaborate and establish a global strategy to maximize the chances of recovering losses. This can involve analyzing thoroughly the advantages of each jurisdiction for the claimant and moving the bank out of its comfort zone.

Contact Information

For further questions or comments about this topic, please contact the authors.

Source: [Article title], International Bar Association