This event will be partly or completely in French.
The Swiss Financial Market Supervisory Authority (FINMA) published a guidance on money laundering risk analysis and management in August 2023. FINMA conducted a review of 30 banks in the past year and identified shortcomings in this risk area. Weaknesses were found in the following components:
- Establishment of risk tolerance
- Set-up of limits to reduce risk
- Structural elements for a robust and effective risk analysis and management
- Implementation of appropriate strategies, risk tolerance, risk appetite, and limits
The significant increase in sanctions regimes has also significantly impacted overall risk management in this area.
This event will feature a presentation by a FINMA representative on the outcomes of this review and guidance. There will also be a panel discussion with professionals from banks to share ideas and insights on the following topics:
- Implementation of risk analysis processes with risk tolerance, risk appetite strategies, and limits to manage money laundering and sanctions risks (definitions, triggers, processes, etc.)
- How the money laundering risk analysis can be used to identify money laundering risks that are not part of the overall financial institution’s risk tolerance
- Factors influencing risk appetite and risk tolerances, such as sanctions regimes, reputations, ESG, country ratings, global and regional political changes, cross-border risks, and financial institutions’ knowledge of markets and regions
- Money laundering risk analysis and limits monitoring processes
- Management of exceptions and enhanced monitoring and oversight
- Annual risk assessment of compliance risks and risk-oriented plans related to money laundering risks
- Global consolidation of money laundering risks for foreign entities
- Léonard Bôle: Member of the Executive Board at FINMA and heads the Markets division. He graduated in Law from the University of Freiburg, followed by an LL.M. in Berlin, and was admitted to the Canton Geneva bar in 2002. He bolstered his banking expertise at the Swiss Finance Institute in 2008. Joining the Swiss Federal Banking Commission in 2004, Bôle played a pivotal role in combating money laundering at FINMA from its 2009 inception. He oversaw self-regulatory organisations and DSFIs and chaired the licensing committee for institutions. Additionally, Bôle led key regulatory projects on money laundering and collective investment schemes. He’s been part of the Executive Board since April 2014.
- Marc Siegel: Attorney at Law / Group Head of Compliance for Pictet Group since February 2009, he is at the helm of the Compliance function for the investment-focused company based in Geneva. Prior to this, Marc was a Senior Manager at Ernst & Young SA for over two years, specializing in legal matters for financial services. His robust foundation was laid at the Swiss Federal Banking Commission in Bern, where he worked for nearly six years. There, he took on multiple roles, notably as an Associate, Head of Enforcement for Unauthorized Activities, and Head of International Cooperation.
- Carine Casteu: Chief Risk Officer at Piguet Galland & Cie SA, where for over seven years she has led the Risk & Compliance department, overseeing Compliance, Risk Management, Legal, Client Documentation, and Information Security, while also spearheading regulatory projects like FATCA and LSFIN. Prior to this, Carine was an integral part of HSBC Private Bank for nearly 13 years. As Global Head of Business Risk and Control Management, she coordinated risk and control management activities across 18 countries, ensuring consistency in the internal control framework. Additionally, she has held roles in operational risk, internal control, and project management. Carine holds a Master’s degree in Economics, Finance, and Accounting.
- Marc Kilcher: Expert in Risk, Regulation, and Compliance, currently serving as a Partner at KPMG in the Geneva Area. With an academic background boasting a Licentiate in Economics from Geneva University and an MSc in Economics from the London School of Economics, Marc brings a blend of theoretical knowledge and practical experience. Before his tenure at KPMG which began in 2015, Marc enriched his professional journey with 12 years in the banking sector. During this period, he served in prominent Swiss and international banks, honing his skills as an internal auditor. His deep understanding of compliance and audit processes is a testament to his years of hands-on experience and academic pursuits.
Introduction by Jean-Pierre Colombara, Board Member Swiss Risk Association and moderated by Marc Kilcher.
18:00 Doors open – Name Tag Collection
18:15 Introduction (Jean-Pierre Colombara)
18:20 Short Presentation by the moderator (Marc Kilcher)
18:25 Presentation Léonard Bôle
18:45 Round Table Talk with Marc Siegel & Carine Casteu
19:15 Q & A (all)
19:30 Networking drinks (all)
This Chapter Event is available to the public and free. We will be presenting one or more speakers to share their knowledge, updates and best practices on a specific risk topic. Within the small groups of risk professionals you can exchange thoughts and test ideas. This event is hosted by the newly created Chapter Romandie.
Money Laundering Risk Analysis
21. November 2023
18:00 - 20:30