Agility, risk and culture: three priorities for change
Clarity on Financial
Crime in Banking
Switzerland as an international financial center is exposed to huge risks from financial crime. This is increased by outdated transaction monitoring systems, inadequate approaches to Know Your Customer and poorly determined risk appetites.
The impacts of financial crime on Switzerland’s banks
Financial crime has very real, significant implications for Swiss banks. The impacts are clearly visible when looking at key statistics around notifications and offences.
Source: Money Laundering Reporting Office Switzerland (MROS) annual report 2017
How banks must step up the challenge in the fight against financial crime
As value chains become more hyper-connected and criminals more sophisticated, the potential impacts of financial crime are growing. Yet, banks aren’t investing enough in specialists and systems to counter this threat. There’s an urgent need to improve risk profiling, compliance cultures and the use of artificial intelligence tools.
Four guiding principles for Swiss banks to more effectively combat financial crimes
1. Swiss banks must rise to the challenge of detecting and preventing financial crime
2. The human factor: filling gaps with specialist knowledge
BNP Paribas (Suisse) SA is a leading European bank for companies, institutions and private clients in Switzerland. Aurélien Dubus shares his insights into compliance risk management and how to build specialist competences to be able to manage the unexpected.Read the full interview in the publication
3. Critical components for robust compliance: strong culture, tone at the top and an effective sanction system
Gemma Aiolfi discusses the challenges facing banks in combating financial crime, including the need for senior management to lead by example.Read the full interview in the publication