Swiss regulator will ensure banks comply with overseas laws

10/25/2010 | Reuters

The Swiss Financial Market Supervisory Authority presented a position paper late last week stating that domestic banks and insurers must know and comply with laws and regulations of other countries in which they do business. The regulator said it will monitor financial institutions as part of its management of cross-border risks. Also, legislation gives FINMA the authority to force delinquent financial firms to comply with overseas rules.

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