Good, but could do better – Key learnings from the FAFT AML&CFT Mutual Evaluation Report of Switzerland

On 7 December 2016, the Financial Action Task Force (FATF) published the results of the Mutual Evaluation Report on Switzerland, concluding their assessment performed from 25 February to 11 March 2016. The results, extending to 245 pages, make interesting reading for AML practitioners and compliance officers.

FAFT concluded,Overall, Switzerland’s Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) regime is technically robust and has achieved good results. It would still benefit from some improvements in order to be fully effective.”

PwC  analysed the key findings and identified learnings for regulated firms together with options for regulatory development. The key learnings concern:

  1. Suspicious Transaction Reporting (“STR”)
  2. Due diligence on longstanding customers
  3. AML&CFT customer risk classification
  4. AML&CFT Risk Assessment
  5. Penalty Sanctions

Read our findings and perspective here

For more information please contact our experts

Michèle Hess
Assurance Director
michele.hess@ch.pwc.com
+41 58 792 46 67

Daniel Cicetti
Assurance Senior Manager
daniel.cicetti@ch.pwc.com
+41 58 792 23 92

Alister Smith
Advisory Senior Manager
alister.smith@ch.pwc.com
+41 58 792 47 96

Published by

Michèle Hess

Michèle Hess is a Director based in Zurich within the Financial Services Regulatory and Compliance Team. She joined PwC in 2013 after gaining wide experience on the Swiss and international financial sector and its regulations working at the Swiss regulator FINMA. She has broad know-how regarding the regulatory environment, the new regulatory developments (e.g. on AML) and the practice of the regulators in Switzerland and abroad. She works with banks, securities dealers and other financial intermediaries regularly.

Her main focuses are authorisation processes, implementation of new regulation and all regulatory issues such as compliance, corporate governance, organisational set-up and consolidated supervision.