Financial Crime World

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Financial Crime Risk Assessment Tools in Switzerland: A Growing Concern for Financial Institutions

The increasing complexity of financial crimes and the need for effective risk assessment tools have become a pressing concern for financial institutions in Switzerland. Deloitte’s expert team, with its unique blend of industry experience, subject matter expertise, and technology support, helps clients combat financial crime with an efficient task force.

Regulatory Scrutiny and Enforcement Actions

As regulatory scrutiny and enforcement actions intensify globally, especially in the Financial Services industry, specialist knowledge and expertise are necessary to respond to investigation requests on a range of issues, including:

  • Money laundering
  • Sanctions
  • Bribery and corruption
  • Fraud
  • Cross-border taxation
  • Competition and pricing regulations

Challenges for Financial Institutions

Growing sophistication in criminal activity within and outside institutions poses significant challenges for financial institutions. Maintaining an effective operational culture within the first and second lines of defense is becoming increasingly difficult.

Risk exposure can increase due to business pressure, leading to increased activity in:

  • High-risk countries
  • Risky clients
  • Risky products

Data Management

Data management becomes complicated as data sourcing requirements for exhaustive screening grow.

Deloitte’s Solution

Deloitte’s global network provides highly experienced professionals for an immediate response to regulatory challenges in nearly all jurisdictions. The team offers proven methodologies for review, remediation, and investigation of financial crime-driven topics.

Our secure data centers in Switzerland are available to host sensitive data related to any investigation or project, featuring high perimeter fencing, CCTV monitoring, alarms, and ISO 27001 certification.

Financial Crime Strategy

Deloitte’s Financial Crime strategy includes:

  • Assessment of current state and gap analysis against regulatory requirements
  • Financial Crime Prevention Strategy: Support in policy and procedure re-design/re-development

Due Diligence and Remediation

Our Due Diligence and Remediation services include:

  • Review and remediation of client alerts from AML, KYC, KYT, and sanctions matters
  • Backlog assessment and remediation
  • Enhanced due diligence, complex case resolution, and transaction analyses, including asset tracing

Lookbacks and Continual Improvements

Our Lookbacks and Continual Improvements services include:

  • Market behavior misconduct investigations
  • AML exposure investigations
  • Peer and industry benchmarking

Deloitte’s Approach to Financial Crime Advisory

Deloitte’s FinCrime investigation and advisory framework provides a proven end-to-end delivery platform to support clients in successfully responding to financial crime matters. Our framework comes equipped with leading-edge investigation tools, techniques, and reporting templates tailored to the specific needs of each client.

Case Studies

A major bank faced a policy amendment by regulatory authorities, requiring reclassification and repapering of customer accounts exposed to the shipping industry. Deloitte established remediation teams in Switzerland, the Bahamas, and Singapore, prioritizing efforts and conducting gap analysis, transaction, and AML-alert reviews.

Shortcomings in collaboration between Front Office and Compliance were identified and remedied, with training provided for Front Office staff on compliance standards and awareness. The outcome included globally aligned KYC standards, repapered accounts, and increased awareness of KYC and AML measures among Front Office staff.

Get in Touch

Do you have a similar issue that we can help with? Contact one of our experts below:

  • Sven Probst, Lead Partner Forensic
  • Nic Carrington, Partner
  • Philipp Lüttmann, Partner
  • Uday Mehta, Partner