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.
