Banking Industry Compliance Updates in Switzerland: Staying Ahead of Regulatory Changes

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The Swiss banking industry is subject to a complex web of regulations, with frequent updates and changes aimed at ensuring the stability and security of the financial system. To help banks navigate these developments, PwC Switzerland has launched a series of reports on regulatory updates, providing insights into the latest trends and requirements.

Regulatory Updates in Focus

FinfraG: Impact on Swiss Banks

Our recent report examined the impact of the Financial Market Infrastructure Act (FinfraG) on Swiss banks, highlighting the key changes and compliance challenges that institutions must address. We analyzed the implications of this legislation for banks’ risk management practices, operational procedures, and reporting requirements.

PSD2: Implications for Swiss Financial Institutions

We also explored the implications of the EU’s revised Payment Services Directive (PSD2) for Swiss financial institutions, including the need to implement new customer authentication procedures. Our report provided guidance on how to ensure compliance with these new requirements and maintain a competitive edge in the market.

Anti-Money Laundering Act (AMLA)

Another area of focus has been the ongoing efforts to combat money laundering and terrorist financing in Switzerland. Our report analyzed the recent updates to the country’s Anti-Money Laundering Act (AMLA), which introduced new requirements for customer due diligence and enhanced transparency measures.

Risk Management and Internal Controls

Furthermore, we have also covered the Swiss Federal Banking Commission’s (EBk) latest guidance on risk management and internal controls, emphasizing the importance of robust governance frameworks in preventing financial losses. Our report highlighted the key takeaways from the EBk’s circulars and provided practical recommendations for banks to strengthen their risk management practices.

Staying Ahead of Regulatory Changes

To stay ahead of regulatory changes, it is essential for Swiss banks to have a deep understanding of the latest developments and requirements. PwC Switzerland’s reports provide valuable insights into these updates, helping institutions to ensure compliance with evolving regulations and maintain their reputation in the market.

Get in Touch

If you would like more information on our regulatory reporting services or require tailored guidance on banking industry compliance updates in Switzerland, please do not hesitate to contact us.