Compliance Requirements for Banks in Switzerland Tightened by FINMA

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The Swiss Financial Market Supervisory Authority (FINMA) has introduced a set of stringent compliance requirements for banks operating within the country to ensure that they adhere to their licence conditions at all times. These conditions are outlined in various acts, ordinances, and circulars that govern the banking industry.

Maintaining Compliance

To maintain compliance with these regulations, banks must fulfill all their obligations under the relevant legal frameworks. This includes:

• Meeting requirements set out by FINMA circulars, which provide a detailed framework for banks to operate within.
• Adhering to licence conditions outlined in legal documents.

Guidance and Support

According to FINMA, questions often arise regarding the interpretation of licence conditions outlined in legal documents. To address this issue, the authority has provided guidance and additional support to help banks navigate these complexities.

Reporting Changes

When changes occur that affect their licence, banks are required to report such events to FINMA or obtain necessary licensing and approval requirements. This ensures that the banking industry remains stable and secure for consumers.

Aims of Compliance Requirements

By implementing these compliance requirements, FINMA aims to promote a robust and trustworthy financial sector in Switzerland, providing investors and depositors with confidence in the country’s banking system.