ChainCatcher news, according to Cryptoslate, the Swiss Financial Market Supervisory Authority (FINMA) has expressed concerns about the increasing money laundering risks in the cryptocurrency sector. FINMA's 2024 Risk Monitoring Report elaborates on this warning, highlighting the growing misuse of digital assets such as cryptocurrencies and stablecoins for illegal activities.The report notes that stablecoins are increasingly used for illicit transactions, such as evading sanctions. This trend complicates law enforcement efforts and increases the legal and reputational risks for financial institutions that lack robust risk management strategies. Regulators emphasize the need for stronger measures to address vulnerabilities associated with the misuse of digital assets.To this end, FINMA has implemented measures for institutions to mitigate these risks, including targeted supervision and enhanced risk management requirements. Broader efforts include on-site inspections and revisions to audit plans aimed at strengthening anti-money laundering defenses. Regulators also call for the establishment of clear definitions of risk tolerance and effective risk management practices, particularly for institutions dealing with politically exposed persons or high-risk industry clients.

ChainCatcher news, the Swiss online bank FlowBank, which provides cryptocurrency services, has now been shut down by the Swiss financial regulator and has filed for bankruptcy.The Swiss Financial Market Supervisory Authority (FINMA) stated that the bank no longer has sufficient capital to maintain its banking operations and has severely violated minimum capital requirements.FINMA also stated that "there are ample reasons to be concerned that the bank is currently over-indebted" and that "there is no prospect of restructuring."

ChainCatcher news, according to the Financial Times, UBS and Swiss regulators are eager to finalize the deal for Credit Suisse on Saturday night. The Swiss central bank and the regulator FINMA have indicated to their international counterparts that they believe reaching a deal with UBS is the only option to prevent a collapse of market confidence in Credit Suisse. (source link)

ChainCatcher news, sources reveal that the Swiss banking regulator FINMA has rejected FTX Europe's application for a financial trading license. Currently, FTX has not disclosed any related information. FTX Europe is headquartered in Pfäffikon, near Zurich, and previously obtained a Cypriot license to offer crypto derivatives in the European market, which has now also been suspended.FTX Europe was established on March 7, 2022, with its headquarters in Switzerland and a regional headquarters set up in Cyprus. (source link)