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Swiss Financial Regulatory Authority Strengthens Supervision of Swissquote, Requires Reduction in Suspicious Transaction Reports
Summary: According to Bloomberg, the Swiss Financial Market Supervisory Authority (Finma) has recently increased its supervision of Swissquote Group Holding SA, Switzerland's largest consumer trading platform, demanding more effective measures to reduce suspicious activities. Swissquote CEO Marc Buerki revealed that Finma, in its annual assessment earlier this year, explicitly instructed the company to reduce the number ...
According to Bloomberg, the Swiss Financial Market Supervisory Authority (Finma) has recently increased its supervision of Swissquote Group Holding SA, Switzerland's largest consumer trading platform, demanding more effective measures to reduce suspicious activities. Swissquote CEO Marc Buerki revealed that Finma, in its annual assessment earlier this year, explicitly instructed the company to reduce the number of reports submitted to the Swiss Anti-Money Laundering Office. This regulatory action was taken in response to the platform's recent surge in fraud attempts and hacker attacks. It is worth noting that Swissquote, as one of Switzerland's traditional financial institutions that has been offering cryptocurrency trading services early on, may be impacted by this regulatory tightening, including compliance requirements for its various businesses, including cryptocurrencies.
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Link: Swiss Financial Regulatory Authority Strengthens Supervision of Swissquote, Requires Reduction in Suspicious Transaction Reports [Copy]
