Swiss Banks and Asset Managers have been intensifying their focus on compliance training over the past six months. This proactive approach aims to keep employees informed about the latest regulations, maintaining the industry's reputation for transparency, reliability and resilience as also described in the FINMA Circular 23/01 on Operational Risks and Resilience - Banks, which will enter in force on the 1st of January 2024.
But what are the hottest compliance topics these institutions have been focusing on? Indigita, a renowned compliance training provider, recently revealed a list of the top ten most popular digital courses, shedding light on the trends in Swiss banking compliance.
1. Anti-Money Laundering (AML): Topping the list is the perennial concern of combating money laundering. Financial intermediaries understand the gravity of this issue, especially with the stringent requirements placed upon them by regulatory bodies. AML training remains a top priority, given its importance in maintaining the integrity of the financial system. With FINMA's vigilant oversight, AML training is indispensable in Swiss banking.
2. Financial Services Act (FinSA): Following closely behind is the new Financial Services Act. The ever-evolving landscape of financial services regulation necessitates that professionals stay up to date on the latest changes and requirements.
3. Market Abuse: Market abuse is a persistent concern, and its prominence on this list reaffirms the industry's commitment to maintaining integrity and fairness in the financial markets.
4. New Federal Act on Data Protection (nFADP): With the recent implementation of the new Federal Act on Data Protection on September 1, 2023, it's no surprise that it is climbing up the ranks. Balancing the needs of holding customer data vs. respecting individual rights to data protection has become a critical aspect of compliance for Swiss banks.
5. International Sanctions: The ongoing geopolitical challenges have ensured that international sanctions remain a crucial topic in compliance training. The unpredictable global geopolitical landscape requires financial institutions to stay informed and compliant with international sanctions regimes. Keeping abreast of changing global dynamics is essential to avoid any inadvertent violations.
6. Fraudulent Instructions: In an increasingly digital world, the threat of fraud is a significant concern. Swiss banks and asset managers are training their staff to identify and mitigate these risks effectively.
7. Cybersecurity: As cyber threats continue to evolve, the importance of safeguarding sensitive financial data cannot be overstated. Cybersecurity remains high on the list of compliance priorities.
8. Common Reporting Standard (CRS): Compliance with the Common Reporting Standard is integral to international tax transparency. Swiss institutions are ensuring that their staff are well-versed in these international reporting requirements.
9. Environmental, Social, and Governance (ESG): The rise of ESG principles in investment and corporate governance has made ESG compliance an essential part of modern banking.
10. Foreign Account Tax Compliance Act (FATCA): FATCA compliance ensures that Swiss banks comply with U.S. tax requirements, especially regarding foreign account reporting.
In conclusion, Swiss Banks and Asset Managers are diligently striving to remain both compliant and forward-thinking in response to the ever-changing regulatory landscape. The ranking of emerging compliance trends by Indigita underscores the industry's unwavering commitment to upholding elevated standards of transparency, ethical conduct, and security.
If you're interested in learning more about Indigita's courses and how they can benefit your organization, don't hesitate to contact them at info@indigita.ch.