The Swiss Financial Market Supervisory Authority FINMA has advised banks and other financial institutions to estimate risk coverage for cryptocurrencies at 800 percent of current market value, Cointelegraph auf Deutsch […]
Switzerland finance authority FINMA has granted the first of country’s crypto asset management license that will allow the firm, Crypto Finance to operate like the traditional asset managers as the […]
Switzerland has established a working group tasked with investigating the possibility of regulating blockchain technology and initial coin offerings (ICOs) in the country, as per a report by Reuters. The working group will be required to present a report to the government by the end of 2018.
Swiss financial watchdog FINMA said on Thursday the Swiss subsidiary of U.S. bank JPMorgan had committed serious anti-money laundering breaches in relation to Malaysian sovereign wealth fund 1MDB, Reuters reported.
The case adds to the political storm that has raged for more than two years over the scandal at 1Malaysia Development Berhad (1MDB), the focus of money-laundering investigations in at least six countries including Singapore, Switzerland and the United States.
Switzerland’s financial markets authority said Friday that it has taken action in two separate cases of insider trading and market manipulation, seizing millions of Swiss francs (dollars) of illegal profits and banning three traders from the industry.
The authority, FINMA, said 1.4 million francs in ill-gotten profits were seized from a former corporate board member who "repeatedly and systematically flouted the ban on using non-public information" to trade in shares of premier Swiss companies between 2013 and 2016.
Swiss financial body FINMA said on Tuesday it had discontinued its investigation into UBS Group in connection with Malaysia’s scandal-tainted 1MDB fund. "FINMA recently discontinued its investigation into UBS. FINMA found no systematic, serious misconduct, but sent the bank a written reprimand," the swiss watchdog wrote in a statement following its annual media conference.
Three cases remain unresolved, Finma added in a statement. A case against UBS was closed recently and the bank, Switzerland’s largest, was reprimanded with no further action to be taken, the watchdog said.
The Swiss financial markets regulator (FINMA) ordered private bank Coutts & Co to pay back 6.5 million Swiss francs for having “seriously breached” money laundering rules by failing to fully monitor its business with indebted Malaysian sovereign wealth fund 1MDB.
Coutts, owned by Royal Bank of Scotland Group Plc, "failed to adequately clarify the circumstances surrounding a number of business relationships and unusually large, high-risk transactions," FINMA said in a statement.
It said a total of $2.4 bn in 1MDB-related assets moved through Coutts accounts in Switzerland, referring to a probe of operations conducted between 2009 and 2015.
Bitcoin startup Xapo has revealed that it has gained an early ‘conditional approval’ from Switzerland’s financial regulator (FINMA) to operate in the country.
The Switzerland-based company said in a new blog post that it has been given “conditional approval” from the Swiss Financial Market Supervisory Authority (FINMA) to do business in the European country.
CEO Wences Casares wrote in a blog: "We are happy to announce that, after almost two years of substantial effort and investment, Xapo has received conditional approval from the Swiss Financial Market Supervisory Authority (FINMA) to operate in Switzerland".
