The authority, known as Finma, said the review was prompted by repeated signs of shortcomings in money laundering risk analysis during its regular visits to financial institutions.
The poor assessment of the banks — which were not identified by name — is significant because Switzerland ranks No. 1 worldwide in wealth management. Consulting firm Boston Consulting Group, in its Global Wealth Report 2023 released in late June, projected that Hong Kong is poised to eclipse Switzerland as a booking center for wealth by 2025.
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