The case
The Swiss financial center has not been unscathed by various money-laundering scandals. Numerous cases have clearly shown that a bank’s compliance framework must keep up with risk appetite. Among other things, the annual risk analysis plays an important role. A financial institution not only needs to keep a constant eye on whether the assumed risks actually correspond to its respective business activities, but it also has to ensure that these are sufficiently mitigated by control mechanisms.
Source: Finma
The commentary
The control frameworks of financial intermediaries have to be constantly adjusted in order to meet the changing client, product and country related risks.
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