IMF recommends more bank probes by Swiss financial regulator.
M2 EQUITYBITES-April 2, 2019--IMF recommends more bank probes by Swiss financial regulator
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Global Banking News - 02 April 2019
The IMF has recommended that the Swiss financial regulator has to pursue more probes into commercial banks in the nation.
The comments from the International Monetary Fund (IMF) are being considered as criticism of the Swiss financial regulator.
The IMF said that the current practice of allowing banks to contract auditors for regulatory reviews, creates potential conflicts of interest. The IMF also recommended that the regulator, Finma, should increase the independence of its governance framework.
The comments from the fund have also raised doubts whether Finma has the resources to regulate about 253 banks and other financial firms operating in the nation.
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