Money laundering risks remain high in Switzerland, financial regulator says

Money laundering and cyber risks remained high in Switzerland, the head of the country’s financial market regulator said on Monday, while there was an increasing risk of individuals and trying to get around financial sanctions on Russia.

Money-laundering risks were increasingly relevant for medium-sized and smaller banks, FINMA CEO Stefan Walter told an event in Zurich.

On Russia-related sanctions, Walter said the likelihood that individuals and companies circumvent sanctions increased the longer a regime lasted.

“Against this backdrop, the associated risks for financial intermediaries increase,” he said.