Swiss FINMA’s review of 30+ banks warns persistent AML risk assessment weaknesses, exposing firms to significant ML/TF risks amid weak scrutiny of PEPs, ownership structures and crypto activity

FINMA identified shortcomings including insufficiently detailed risk assessments, overly generous exceptions to internal controls, and poorly defined warning indicators that could allow high-risk relationships to go undetected. The regulator highlighted particular concerns around the treatment of politically exposed persons (PEPs), complex corporate structures and crypto-related services, which were not always classified as sufficiently high risk. FINMA has issued further guidance on money laundering risk analysis, describing it as the most important tool for preventing…