Tag: FINMA

November 01, 2021 BY Steffy Bogdanova

Urban Angehrn becomes FINMA's new CEO

Urban Angehrn commented: I am very happy to be joining a well-run, established authority, which has gained both national and international recognition. Since it was established almost thirteen years ago, FINMA has achieved a lot and laid the foundations for safeguarding financial stability, client protection and integrity in the financial centre. Building on this, I…

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Credit Suisse
October 20, 2021 BY Steffy Bogdanova

FINMA investigation found Credit Suisse spied on seven people

FINMA said: The way in which the observation activities were planned and carried out revealed serious shortcomings in the bank’s corporate governance. Observations were not specifically prohibited in Credit Suisse’s policies, but neither were they regulated. Corresponding risk management processes and integration into the internal control system were lacking. In most cases, decisions to carry…

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FINMA crypto regulation
September 29, 2021 BY Steffy Bogdanova

FINMA announces approval of first Swiss crypto fund

This approval is a significant development for Swiss crypto market. The official announcement stated: For the first time, FINMA has approved a Swiss fund that invests primarily in cryptoassets, that is to say in assets based on the blockchain or distributed ledger technology. The fund concerned goes by the name of the “Crypto Market Index…

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September 29, 2021 BY Steffy Bogdanova

SEBA Bank obtains first digital asset custody licence in Switzerland

Guido Buehler, CEO of SEBA Bank, said: Two years ago SEBA Bank received a Swiss banking and securities firm licence and is now enjoying excellent business momentum as institutional adoption of crypto & digital assets accelerates globally. The newly secured CISA licence extends the bank’s digital asset investment activities by offering digital custody services for…

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Dukascopy Bank launches Dukascoin
December 19, 2018 BY Valentina Kirilova

FINMA gives a green light to Dukascoin

The ICO of Dukascoins/Dukasnotes has been a subject to a green light from the Swiss Financial Market Supervisory Authority (FINMA) for two months now and the good news has finally arrived. FINMA has given a green light to Dukascoin, making it the first ever ICO of a Swiss Bank. Dukascopy Bank has announced the Live…

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FINMA finds deficiencies in anti-money laundering processes at Credit Suisse
September 17, 2018 BY Valentina Kirilova

FINMA finds deficiencies in anti-money laundering processes at Credit Suisse

The Swiss Financial Market Supervisory Authority FINMA has announced that it has concluded two enforcement procedures against Credit Suisse AG (NYSE:CS). In the first procedure, FINMA identified deficiencies in the bank’s adherence to anti-money laundering due diligence obligations in relation to suspected corruption involving the International Federation of Association Football FIFA, the Brazilian oil corporation…

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February 26, 2018 BY Valentina Kirilova

Hong Kong SFC and FINMA sign Fintech cooperation agreement

The Securities and Futures Commission (SFC) announced that it has entered into an agreement with the Swiss Financial Market Supervisory Authority (FINMA) to establish a framework for cooperation on financial technology (Fintech). Under the agreement, the SFC and FINMA will cooperate to share information on emerging Fintech trends, developments and related regulatory issues as well…

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October 27, 2017 BY Valentina Kirilova

ASIC expands network of fintech cooperation agreements to Switzerland

On 18 October 2017, the Australian Securities and Investments Commission (ASIC) and the Swiss Financial Markets Authority (FINMA) entered a new agreement to cooperate on innovation in the financial sector. The agreement aims to encourage innovation in financial services in Switzerland and Australia, and to support financial services innovators in meeting legal requirements when operating…

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fma warning
May 31, 2017 BY Valentina Kirilova

FINMA issues warning against City Bank

Switzerland’s Financial Market Supervisory Authority (FINMA) keeps updating its Warning List, with the latest addition being City Bank. The company claims to have an address in Switzerland: Square de l'académie, 1205 Genf and is operating at www.citybank-us.com. The inclusion of City Bank in FINMA’s Warning List means that it might be operating without a licence although…

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December 02, 2016 BY Valentina Kirilova

SFC and FINMA sign agreement on Switzerland-Hong Kong Mutual Recognition of Funds

The Securities and Futures Commission (SFC) and the Swiss Financial Market Supervisory Authority (FINMA) have signed a Memorandum of Understanding on Switzerland-Hong Kong Mutual Recognition of Funds and Asset Managers (MoU), which will allow eligible Swiss and Hong Kong public funds to be distributed in each other’s market through a streamlined vetting process. The MoU…

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