Swiss Banks Face Growing Scrutiny Over Sanctions and Financial Crime Compliance

Geneva, Switzerland - A Rising Challenge for the Global Financial Landscape

As the global financial landscape continues to evolve, Swiss banks are under increasing pressure to ensure they are adequately addressing sanctions and financial crime compliance. A recent study reveals that many Swiss banks still struggle with implementing effective anti-financial crime operating models, raising concerns among regulators.

Challenges in Implementing Effective Compliance Frameworks

Despite efforts to improve compliance, some banks face challenges in optimizing their transaction monitoring and screening systems. This has led to increased scrutiny from regulators, who are demanding that financial institutions have robust frameworks in place to manage risk effectively.

“Ignorance is No Longer an Excuse” - A Leading Expert’s Warning

“Ignorance is no longer an excuse when it comes to sanctions and financial crime,” said a leading expert in the field. “A robust framework to manage risk starts with a proper and timely understanding of exposure to threats, including those created by new technological developments.”

PwC Launches Range of Services to Support Swiss Banks

In response to these challenges, PwC has launched a range of services designed to help Swiss banks strengthen their compliance capabilities. The firm’s experts offer:

• Incident Response and Investigation Support: PwC provides incident response and investigation support to help banks respond quickly and effectively to potential threats.
• Assistance with Establishing and Maintaining Integrated Anti-Financial Crime Operating Models: PwC helps banks establish and maintain integrated anti-financial crime operating models, ensuring that they have a robust framework in place to manage risk effectively.
• Support with Implementing Proprietary and Third-Party Software to Detect and Prevent Market Abuse and Insider Dealing: PwC provides support with implementing proprietary and third-party software to detect and prevent market abuse and insider dealing.

Building Trust in Society - A Commitment from PwC

“PwC is committed to helping our clients build trust in society by partnering with them to fulfill their regulatory obligations,” said a spokesperson for the firm. “We use an interdisciplinary approach, working closely with our experts from other disciplines and territories.”

In addition to these services, PwC offers training and advisory services to help banks stay up-to-date on the latest regulations and best practices.

Conclusion

With the increasing complexity of financial regulations and the growing threat of financial crime, Swiss banks must be proactive in addressing these challenges. By working with experts like PwC, they can ensure that their compliance frameworks are robust and effective, and that they are meeting their regulatory obligations.

As one expert noted, “A proper and timely understanding of exposure to threats is key to managing risk effectively. We are happy to help Swiss banks navigate this complex landscape and build trust in society.”