Insights

In this supervisory notice, FINMA provides information on recurring risk patterns associated with the use of products in individual portfolio management and reiterates the importance of early risk identification, robust governance and the consistent and client-focused application of rules of conduct by institutions. We summarise the key elements and categorise them.

This article provides an overview of the implementation of the EU Anti-Money Laundering (AML) Package in Liechtenstein, including the repeal of the current SPG and the introduction of the new Anti-Money Laundering Act (AMLA). It outlines the key regulatory changes affecting financial and non-financial entities, highlights the expanded scope of obliged entities, and explains stricter due diligence, reporting, and compliance requirements. The article also addresses the role of supervisory authorities, updated risk classification rules, and the expected timeline for implementation, helping market participants assess their readiness and adapt their internal AML frameworks accordingly.

The number of successful cyber attacks has been increasing for years. Cyber attacks are therefore one of the main risks for FINMA-supervised institutions. The new FINMA Guidance 03/2024 now describes specific requirements for dealing with cyber risks and answers common questions about reporting obligations. Although it is aimed at larger and more highly regulated institutions such as banks, the principles are also applicable as a guidance to smaller and medium-sized portfolio managers (Art. 17 of the Financial Institutions Act [FinIA]). In particular, the boards of directors of the institutions must also be prepared.