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regulatory
legal

**FINMA concludes proceedings against Wendelspiess Partners AG and imposes long-term industry bans**

The Swiss Financial Market Supervisory Authority (FINMA) has concluded enforcement proceedings against Wendelspiess Partners AG, which is currently in liquidation, and two individuals. The investigation uncovered serious breaches of conduct rules, including inadequate risk disclosure, suitability checks, and handling of conflicts of interest related to a foreign fund. FINMA has imposed long-term industry bans on the two responsible individuals.

FINMA·
**FINMA concludes proceedings against Wendelspiess Partners AG and imposes long-term industry bans**
regulatory

**FINMA publishes supplementary guidance on money laundering risk analysis**

The Swiss Financial Market Supervisory Authority (FINMA) has published updated guidance on money laundering risk analysis for banks and FinIA institutions, building on its previous Guidance 05/2023. While acknowledging progress, FINMA identified areas for improvement, such as explicit exclusions for certain client segments and services, and correct application of methodological principles. The guidance aims to enhance risk analysis as a key tool for strategic management and effective anti-money laundering frameworks.

FINMA·
**FINMA publishes supplementary guidance on money laundering risk analysis**
regulatory

**Aktualisierte Sanktionsmeldung: Sudan**

The Swiss Federal Department of Economic Affairs, Education and Research (WBF) has amended Annex 2 of the Ordinance on Measures against Sudan, effective June 5, 2026. This update, published urgently on the SECO website, instructs financial intermediaries to implement prohibitions, freeze assets of sanctioned individuals, and report affected business relationships to SECO. Financial intermediaries are also reminded to conduct additional due diligence and report suspicious activities to the Money Laundering Reporting Office.

FINMA·
**Aktualisierte Sanktionsmeldung: Sudan**
regulatory

**Aktualisierte Sanktionsmeldung: Russland**

The Swiss Federal Department of Economic Affairs, Education and Research (WBF) has published amendments to Annex 8 of the ordinance on measures relating to the situation in Ukraine, effective immediately. Financial intermediaries are mandated to implement the prohibitions, freeze assets of sanctioned individuals, and report affected business relationships to SECO. This reporting does not exempt financial intermediaries from further due diligence and reporting to the Money Laundering Reporting Office if suspicions persist.

FINMA·
**Aktualisierte Sanktionsmeldung: Russland**
regulatory

**Insurance intermediaries: supervision is having an impact, but there is still a need for action to tackle abuse**

FINMA, Switzerland's financial regulator, held a symposium to review the impact of the revised Insurance Supervision Act and Ordinance, two and a half years after their implementation. While significant improvements in client protection and market quality were noted, FINMA identifies ongoing issues with unauthorized intermediaries and abusive practices. Around 12,000 untied insurance intermediaries are currently authorized by FINMA, with many new registrations since 2024.

FINMA·
**Insurance intermediaries: supervision is having an impact, but there is still a need for action to tackle abuse**
regulatory

**Aktualisierte Sanktionsmeldung: Syrien**

The Swiss Federal Department of Economic Affairs, Education and Research (WBF) has updated Annex 7 of the Ordinance of 8 June 2012 on measures against Syria. This update involves changes to the list of sanctioned individuals, companies, and organizations, which came into effect on June 16, 2026. Financial intermediaries are now required to implement these prohibitions, block sanctioned assets, and report affected business relationships to SECO.

FINMA·
**Aktualisierte Sanktionsmeldung: Syrien**
regulatory

**Aktualisierte Sanktionsmeldung**

The Federal Department of Economic Affairs, Education and Research (WBF) has amended the annex to the Ordinance of April 10, 2024, concerning measures against individuals and organizations supporting Hamas or Palestinian Islamic Jihad. The updated sanctions database SESAM was published on June 15, 2026, with measures effective from June 16, 2026, at 11:00 PM. Financial intermediaries are mandated to implement the prohibitions, freeze assets of sanctioned individuals, and report affected business relationships to SECO.

FINMA·
**Aktualisierte Sanktionsmeldung**
legal
regulatory

HSBC Australia fined $35 million for scam protection failings

HSBC Bank Australia faces a $35 million fine and significant remediation payouts for failing to protect customers from scams, with the Australian Securities and Investments Commission (ASIC) and HSBC requesting a Federal Court finding against the bank. HSBC admitted to inadequate controls on its internal transfer system and delays in investigating scam cases, impacting customers who lost millions of dollars. The bank's failures led to a surge in fraudulent transactions and prolonged delays in customer support regarding locked accounts.

finextra·
HSBC Australia fined $35 million for scam protection failings
regulatory
technology

JPMorgan blocks Claude for Hong Kong employees - FT

JPMorgan Chase has restricted its Hong Kong employees from accessing Anthropic's AI models, Claude, due to usage terms in their licensing agreement. This follows a similar move by Goldman Sachs and comes amid heightened US-China tensions regarding AI technology. The US government has also ordered Anthropic to suspend exports of certain AI models to other countries and foreign nationals, citing national security concerns.

finextra·
JPMorgan blocks Claude for Hong Kong employees - FT
regulatory

Reform leader Farage urges BofE to drop Britcoin plans

Nigel Farage, leader of Reform UK, met privately with the Bank of England governor, Andrew Bailey, to urge him against implementing a central bank digital currency (CBDC), or Britcoin. Farage has publicly expressed strong opposition to a digital pound, citing concerns about state control. The Guardian links Farage's stance to a major donor, Christopher Harborne, who is a part-owner of the company behind the Tether stablecoin.

finextra·
Reform leader Farage urges BofE to drop Britcoin plans
regulatory
partnership

General Announcements

The Financial Services Authority (FSA) of Seychelles is proactively providing guidance to the public on identifying genuine licensed Securities Dealers. Additionally, the FSA has partnered with the Chartered Institute for Securities & Investment (CISI) to improve professional standards in the capital market sector. Both the FSA and the Central Bank of Seychelles are also undertaking public consultations for a new Financial Consumer Protection Bill aimed at strengthening consumer protection within the financial sector.

FSA Seychelles·
FSA SeychellesFSA Seychelles
regulatory

Press Releases

The Financial Services Authority of Seychelles (FSA) has identified MX Global Ltd as the entity operating the MEXC cryptocurrency exchange platform without the required license under the Virtual Asset Service Providers Act, 2024. Despite previous warnings and investigations, MX Global Ltd has not obtained authorization for its virtual asset activities in or from Seychelles. This action follows continued complaints and a targeted supervisory exercise by the FSA.

FSA Seychelles·
FSA SeychellesFSA Seychelles
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