After years of economic volatility and crisis, the banking regulatory environment is rapidly evolving: new regulations, more stringent, more complex, and essentially border-free.
For Swiss banks, the drive to ensure conformity and transparency is a matter of survival – and honor – in an international market where many banks have been sanctioned or fined and some of the greats have fallen.
Among the new regulations that directly or indirectly influence Swiss banks are the Swiss Federal Financial Services Act (FFSA), to enter into force in 2015; the MiFID 2, new European Directives, adopted by the European Parliament in 2014; and FATCA, an American act signed into law in 2010.
Fortunately, banks have allies in the monumental task of ensuring compliance in this environment.
NetGuardians’ NG|Screener software solution is one of the most versatile and robust. Based on intelligent behavioral analysis, the solution monitors and analyzes all banking activities in real time, ensuring internal control and compliance. Reporting and auditing are made easy with user-defined, automated reports for all critical information. Banks not only gain the capacity to implement the highest level of risk management and compliance, they can also easily show that they are doing so.
With the need to operate internationally and in the US – and with the international spotlight on them, due to their longstanding reputations – many Swiss banks are choosing NG|Screener to help guarantee compliance levels that go even beyond regulatory requirements. They can thus avoid fines and maintain client and partner confidence.