Swiss banks urged to step up fight against financial crime

Swiss financial institutions and public authorities must do more to prevent organised crime and money laundering within the financial system, a study by the consulting firm KPMG published on Tuesday has found. The authors of the study called “Clarity on Crime in Financial Services” highlighted several challenges and problems which must be addressed if banks want to successfully prevent and identify criminal financial activities in future.  New technologies and digital currencies had made it increasingly difficult to track cross-border cashflows, the study found. But current financial regulations are not keeping up with the speed of recent technological development. + OECD says Switzerland needs to step up the fight against ‘foreign bribery’ Some 50 banks surveyed had deficits in their risk approaches and their IT infrastructures, the researchers found. Action required The banking industry must send out a clear message that it is committed to consistently prevent and detect ...

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