Addressing global money-laundering scandals

In 2018 FINMA concluded its investigations and proceedings against institutions involved in recent global corruption and money-laundering scandals (Malaysian sovereign wealth fund 1MDB, FIFA, Petrobras).

In these cases, FINMA petitioned a total of 46 Swissbanks to provide detailed information and investigated the accusations by deploying mandated auditors and investigating agents as necessary. Ultimately,16 enforcement proceedings were opened against institutions and to date, 9 proceedings against individuals, some of which are still ongoing. In carrying out its investigations and proceedings, FINMA focusedon verifying compliance with general AMLA due diligence obligations as well as AMLA reporting obligations. On identifying a breach of the AMLA reporting obligations, FINMA consistently reported this to the Federal Department of Finance, which is responsible for prosecuting such cases under administrative criminal law. As part of its proceedings and investigations, FINMA also verified whether selected institutions correctly fulfilled their obligations as regards the global monitoring of legal and reputational risks in the area of money laundering. Over the last three to four years, all banks had taken measures to make improvements in this regard, some of whichwere still being developed. In carrying out its investigations and proceedings, FINMA was able to benefitfrom effective cooperation with foreign supervisory authorities as well as the Office of the Attorney General of Switzerland.


 

(From the Annual Report 2018)