Zurich: Switzerland‘s financial regulator, FINMA, on Wednesday said it would not further investigate UBS‘s market dominance after it rescued Credit Suisse last year. “The merger of UBS and Credit Suisse will not eliminate effective competition in any market segment,” FINMA said. The decision follows a report by the country’s competition authority, COMCO, which was sent...
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Swiss Regulator Says HSBC Violated Money Laundering Regulations
Swiss financial market supervisory authority FINMA has ruled that HSBC Private Bank (Suisse) SA violated money laundering regulations. This ruling followed enforcement proceedings opened by FINMA in December 2021 and focused on the financial institution’s banking relationships with two unnamed politically exposed persons, FINMA said in a Tuesday (June 18) press release. “HSBC Private Bank...