FINMA issues guidance to curb digital fraud risk in Swiss banks
FINMA's latest survey found Swiss banks need stronger operational risk controls and anti‑money‑laundering measures to combat digital fraud, prompting the regulator to publish new guidance today.
The Swiss Financial Market Supervisory Authority (FINMA) released a guidance document on digital fraud risk after a survey of domestic banks highlighted significant gaps in risk management.
The survey indicated that many banks lack adequate operational risk frameworks and effective anti‑money‑laundering (AML) controls to detect and prevent digitally facilitated fraud. FINMA said the findings point to an urgent need for banks to enhance monitoring, reporting and governance of digital transaction channels.
The new guidance outlines a set of expectations for banks, including the implementation of robust risk‑assessment processes, strengthened internal controls, continuous staff training on cyber‑crime trends, and tighter AML screening of electronic payments. FINMA will monitor compliance through its supervisory activities and may take enforcement action where deficiencies persist.
By publishing the guidance, FINMA aims to align Swiss banks with international best practices and reduce the systemic risk posed by digital fraud schemes that can undermine market integrity and financial stability.
Sophie covers currency markets and central bank policy across Europe, with a focus on how rate decisions ripple through FX pairs. She has been tracking the ECB's policy path since the start of the current easing cycle.
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