Senior Managers / Governance regulatory updates from Switzerland.
We track 20 Senior Managers / Governance updates from Switzerland regulators, published by FINMA. The archive covers 9 news items, 4 regulatory notices and 4 guidance notes. Most recent update: August 2026. Coverage runs from 2025 to 2026.
The Swiss Financial Market Supervisory Authority FINMA supports the consultation drafts presented by the Federal Council for the implementation, within the Banking Act and the Liquidity Ordinance, of the measures set out in the Federal Council’s “too big to fail” report and the PInC report on the CS crisis. These are…
Das Eidgenössische Departement für Wirtschaft, Bildung und Forschung WBF hat Änderungen des Anhangs 2 und 8 der Verordnung vom 4. März 2022 über Massnahmen im Zusammenhang mit der Situation in der Ukraine (SR 946.231.176.72) publiziert.
AI Analysis
FINMA is notifying market participants that the Swiss WBF amended **Annexes 2 and 8** of the Ukraine sanctions ordinance, with the changes published on the WBF website and entering into force **today at 23:00**. For compliance teams, this is an immediate sanctions-screening and asset-freezing event: firms must implement the updated prohibitions, freeze any affected assets, and notify **SECO** of impacted business relationships.
This update also reinforces that a SECO notification does **not** replace the obligation to conduct further clarifications under **Article 6 AMLA/GwG** or to file a suspicious activity report with **MROS** under **Article 9 AMLA/GwG** if suspicion cannot be dispelled.
Key dates
10 August 2026
- The WBF amended Annexes 2 and 8 of the Ukraine sanctions ordinance and published the changes on its website
12 August 2026 Deadline
- The amended measures are published by FINMA and become operationally relevant for compliance teams
12 August 2026, 23:00
- The amended sanctions measures enter into force
Suggested considerations
Firms must immediately screen customers, counterparties, and beneficial owners against the updated Annex 2 and Annex 8 listings and identify any matches.
Firms must block and freeze any assets or economic resources belonging to sanctioned persons covered by the updated ordinance.
Firms must report the affected business relationships to SECO in accordance with the ordinance.
Firms must perform additional fact-finding under Article 6 GwG/AMLA whenever the sanctions hit or surrounding facts create suspicion that cannot be dismissed.
Firms must submit an immediate suspicious activity report to MROS under Article 9 GwG/AMLA if the suspicion remains unresolved after additional clarifications.
What changed
- The WBF amended Annex 2 and Annex 8 of the Swiss ordinance on measures connected with the situation in Ukraine, updating the sanctions list and/or restrictions applicable under SR 946.231.176.72.
The amended measures become effective today at 23:00, meaning firms must be ready to apply the updated prohibitions without delay.
Financial intermediaries must implement the prohibitions contained in the ordinance, which includes sanctions-related restrictions beyond ordinary asset freezes.
Financial intermediaries must freeze the assets of sanctioned persons covered by the update.
Financial intermediaries must report affected business relationships to SECO.
Compliance impact
The compliance impact is high because the measure has immediate effect and requires rapid screening, freezing, and reporting actions. Failure to implement the updated sanctions can lead to supervisory action, breaches of Swiss sanctions law, and potential AML enforcement exposure where institutions fail to escalate unresolved suspicions to MROS.
Das Staatssekretariat für Wirtschaft (SECO) hat eine Änderung des Anhangs 1 der Verordnung vom 22. Juni 2005 über Massnahmen gegenüber der Demokratischen Republik Kongo (SR 946.231.12) publiziert.
AI Analysis
FINMA is notifying the Swiss market that the UN sanctions committee changed the Democratic Republic of Congo sanctions list on **16 July 2026**, and Switzerland applied the update directly after SECO updated SESAM on **17 July 2026**. For compliance teams, this means sanctions screening, asset-freeze controls, and relationship monitoring had to be refreshed immediately because the Swiss measure takes effect without additional domestic delay.
Key dates
16 July 2026
- The competent UN sanctions committee changed the list of sanctioned persons, companies, and organizations for the Democratic Republic of Congo
17 July 2026
- SECO updated the Swiss sanctions database SESAM and published the change for Switzerland
17 July 2026
- The updated sanctions lists became directly applicable in Switzerland without delay
Suggested considerations
Review sanctions screening results immediately against the updated Congo-related list in SESAM and any internal watchlists to identify matching clients, counterparties, and beneficial owners.
Freeze assets and block prohibited dealings involving newly designated persons, companies, or organizations as required by the ordinance.
Report affected business relationships to SECO in line with the sanctions ordinance requirements.
Perform enhanced internal clarifications under Article 6 GwG/AMLA whenever a sanctions hit or other red flags create suspicion.
File an immediate suspicious activity report with the Money Laundering Reporting Office under Article 9 GwG/AMLA if doubts cannot be resolved.
What changed
- The UN sanctions committee amended the list of sanctioned individuals, companies, and organizations relating to the Democratic Republic of Congo on 16 July 2026.
The change is directly applicable in Switzerland, so firms cannot wait for a separate Swiss implementing act before acting on the updated list.
SECO updated the Swiss sanctions database SESAM on 17 July 2026 and published the update on its website.
Financial intermediaries must implement the prohibitions set out in the ordinance, including freezing the assets of sanctioned persons.
Financial intermediaries must report the affected business relationships to SECO.
Compliance impact
Non-compliance is high severity because Swiss sanctions updates tied to UN designations are immediately effective and can require rapid blocking and reporting action. Failure to freeze assets, report to SECO, or escalate suspicious relationships under AMLA can expose firms to supervisory enforcement and potential money-laundering reporting breaches.
The Swiss Financial Market Supervisory Authority FINMA has today published its guidance on quantum computing. The guidance presents the results of a survey on the opportunities and risks posed by quantum computers and discusses possible measures to mitigate the cyber risk posed by powerful quantum computers.
Das Eidgenössische Departement für Wirtschaft, Bildung und Forschung WBF hat Änderungen des Anhangs 8 der Verordnung vom 4. März 2022 über Massnahmen im Zusammenhang mit der Situation in der Ukraine (SR 946.231.176.72) publiziert.
AI Analysis
On 15 June 2026, the Swiss Federal Department of Economic Affairs, Education and Research (WBF) amended **Annex 8** of the Swiss Ordinance of 4 March 2022 on measures in connection with the situation in Ukraine (SR 946.231.176.72) and published the updated sanctions list on its website. The changes, which enter into force the same day at 23:00, require Swiss financial intermediaries to immediately update their sanctions screening, freeze assets of newly listed parties, and report affected relationships to SECO while also fulfilling their anti‑money‑laundering (AML) duties under the Anti‑Money Laundering Act (GwG).
Key dates
04 March 2022
– Original Ordinance on measures in connection with the situation in Ukraine (SR 946.231.176.72) enters into force, establishing the framework for Annex 8 sanctions and related financial measures
15 June 2026
– WBF amends Annex 8 of the Ordinance and publishes the changes on its website, updating the list of sanctioned persons and entities
15 June 2026 Deadline
– The amended measures under Annex 8 enter into force at 23:00, from which time financial intermediaries must have implemented the new prohibitions, asset freezes, and reporting processes
Suggested considerations
Review the updated Annex 8 of SR 946.231.176.72 as published by the WBF and obtain the latest Swiss sanctions-list data (including from SESAM/SECO where used) before the 23:00 effective time.
Update internal sanctions screening lists, vendor‑provided screening tools and watchlist filters to incorporate all new and amended entries in Annex 8.
Run an immediate batch screening of all customers, beneficial owners, controlling persons, counterparties, securities holdings and payment flows against the updated Annex 8 once the changes are operative.
Identify all existing and pending business relationships that match updated Annex 8 entries and classify them as sanctioned in internal systems.
Freeze without delay any assets, accounts, securities, or other economic resources belonging to, owned, held or controlled by persons and entities listed in Annex 8, in line with the Ordinance.
What changed
- Annex 8 of the Ordinance of 4 March 2022 on measures in connection with the situation in Ukraine (SR 946.231.176.72) has been amended by the WBF to update the list of sanctioned persons and...
The WBF has published the updated Annex 8 and associated sanctions-list changes on its website, making these changes the operative reference for Swiss sanctions screening and asset-freeze obligations.
The amended measures enter into force on 15 June 2026 at 23:00, creating an immediate and time‑critical requirement for financial intermediaries to align their controls with the new Annex 8 content.
Financial intermediaries are instructed to implement all prohibitions arising from the Ordinance, including any new or expanded restrictions connected to the updated Annex 8 listings.
Financial intermediaries must freeze the assets of persons and entities newly designated or otherwise affected by the Annex 8 amendment and ensure no prohibited transactions or services are carried...
Compliance impact
The change has a high compliance impact because failure to implement sanctions immediately upon entry into force can constitute a breach of Swiss supervisory law and the Ordinance, potentially leading to criminal sanctions, administrative enforcement by FINMA, and significant reputational damage. Non‑compliance may also trigger AML enforcement exposure where institutions fail to conduct required clarifications or to report suspicions to MROS.
Das Eidgenössische Departement für Wirtschaft, Bildung und Forschung (WBF) hat den Anhang 2 der Verordnung vom 25. Mai 2005 über Massnahmen gegenüber Sudan (SR 946.231.18) geändert.
AI Analysis
Das Eidgenössische Departement für Wirtschaft, Bildung und Forschung (WBF) hat am 4. Juni 2026 den Anhang 2 der Verordnung vom 25. Mai 2005 über Massnahmen gegenüber Sudan (SR 946.231.18) angepasst, wodurch die schweizerischen Sanktionen gegen Sudan aktualisiert wurden. Dies verpflichtet beaufsichtigte Institute, ihre Sanktions- und Embargoprüfungen umgehend an die neuen gelisteten Personen, Organisationen oder Einrichtungen anzupassen und sicherzustellen, dass sämtliche Vermögenssperren und Meldepflichten nach schweizerischem Sanktions- und Geldwäscherecht eingehalten werden.
Key dates
25 May 2005
- Erlass der Verordnung über Massnahmen gegenüber Sudan (SR 946.231.18), die den rechtlichen Rahmen für schweizerische Sudan-Sanktionen schafft
04 June 2026
- Das WBF beschliesst und veröffentlicht die Änderung des Anhangs 2 der Verordnung über Massnahmen gegenüber Sudan (SR 946.231.18); die aktualisierte Sanktionsliste tritt in Kraft und ist ab diesem Datum anzuwenden
Suggested considerations
Führen Sie umgehend einen Abgleich aller Kunden-, Konten- und wirtschaftlich Berechtigten-Stammdaten sowie relevanter Transaktionen gegen die aktualisierte Sudan-Sanktionsliste gemäss Anhang 2 der Verordnung SR 946.231.18 durch.
Identifizieren und dokumentieren Sie alle Treffer (Hits) zu gelisteten Personen, Organisationen oder Einrichtungen und prüfen Sie diese formal (True Hit vs. False Positive) unter Anwendung eines dokumentierten, vier-Augen-prüfenden Verfahrens.
Frieren Sie Vermögenswerte von bestätigten gelisteten Personen oder Einrichtungen unverzüglich ein, blockieren Sie Transaktionen und verhindern Sie jede direkte oder indirekte Bereitstellung von wirtschaftlichen Ressourcen, in Übereinstimmung mit der Sudan-Verordnung.
Erstatten Sie umgehend die erforderlichen Meldungen an die zuständigen Bundesstellen (insbesondere SECO bzw. die im Sanktionsrecht vorgesehenen Behörden) sowie – soweit einschlägig – Verdachtsmeldungen an die Meldestelle für Geldwäscherei (MROS).
Aktualisieren Sie Ihre Sanktions- und AML-Richtlinien, Arbeitsanweisungen und Kontrollpläne, um die neuen Sudan-spezifischen Listungen und Prozesse zur Vermögenssperre und Meldung explizit zu berücksichtigen.
What changed
- Der Anhang 2 der Verordnung vom 25. Mai 2005 über Massnahmen gegenüber Sudan (SR 946.231.18) wurde durch Entscheid des WBF aktualisiert, was Änderungen an der Sanktionsliste (gelistete natürliche...
Die aktualisierte Sanktionsliste zu Sudan ist für alle von der Verordnung erfassten Finanzintermediäre unmittelbar verbindlich und ist bei der Prüfung von Kunden, wirtschaftlich Berechtigten,...
Vermögenswerte von neu gelisteten Personen oder Einrichtungen müssen gemäss Verordnung unverzüglich eingefroren und dürfen weder direkt noch indirekt zur Verfügung gestellt werden.
Bereits bestehende Geschäftsbeziehungen zu neu gelisteten Personen oder Einrichtungen sind zu suspendieren bzw. abzuwickeln, soweit dies mit den gesetzlichen Vermögenssperren vereinbar ist.
Institute sind verpflichtet, gefundene Treffer (Treffer bei Konten, Depots, Zahlungs- oder Handelsgeschäften) zu gelisteten Personen oder Einrichtungen den zuständigen Bundesstellen nach den...
Compliance impact
Die Änderung des Anhangs 2 der Sudan-Verordnung erhöht das unmittelbare Sanktions- und Geldwäschereirisiko für Schweizer Finanzintermediäre bei unzureichender Listenpflege, Überwachung und Meldeprozessen. Verstösse gegen schweizerische Sanktionsbestimmungen können zu erheblichen aufsichtsrechtlichen Massnahmen durch FINMA, strafrechtlichen Konsequenzen sowie schwerwiegenden Reputationsschäden führen.
The Swiss Financial Market Supervisory Authority FINMA has once again reviewed numerous money laundering risk analyses and is supplementing Guidance 05/2023 with further observations and insights for both banks and FinIA institutions. In doing so, it recognised the progress made, but also identified further room for…
In its new Guidance, the Swiss Financial Market Supervisory Authority FINMA explains the risk patterns it is increasingly observing in relation to the use of products in individual portfolio management in the context of escalation cases. The Guidance recalls the rules that institutions must follow when products are…
The Board of Directors of the Swiss Financial Market Supervisory Authority FINMA has appointed Simon Brönnimann as Head of the Recovery and Resolution division and as a member of the Executive Board. He will assume leadership of the division, which he has been leading on an interim basis since April 2026, on a…
Why this matters
This is an informational announcement regarding an internal leadership appointment at FINMA (Swiss financial regulator). Simon Brönnimann's appointment as Head of Recovery and Resolution division is a governance/organizational matter with no immediate regulatory requirement or compliance deadline for firms.
Speech by FINMA Director at small and medium-sized insurance company symposium covering supervisory priorities, climate risk management, customer protection measures, proportional regulatory approach, and governance standards.
FINMA says its current enforcement toolkit is still too limited because it cannot generally impose administrative fines and can only publicly identify individual enforcement cases in narrow circumstances. The publication matters because it reinforces the direction of Swiss reform debate after Credit Suisse: more individual accountability, more deterrence, and more transparency in enforcement outcomes.
Key dates
2022
- FINMA had already proposed introducing an accountability regime to define managers’ roles and responsibilities more clearly
Summer 2023
- An expert report renewed the call for fines, clearer senior-management responsibility, and greater enforcement transparency
Spring 2024
- The Federal Council’s TBTF report again carried forward these reform themes
End of 2024
- The Parliamentary Investigation Commission report recommended strengthening enforcement effectiveness and transparency
Summer 2025
- The Federal Council set parameters for upcoming legislative reforms including these enforcement-related measures
Suggested considerations
Review governance maps and delegations to ensure each regulated activity, key control, and approval step is assigned to a clearly identified accountable senior manager.
Document senior-management responsibilities in a manner that would withstand a future accountability-regime review, including decision rights, escalation duties, and oversight obligations.
Stress-test enforcement readiness by preparing for formal FINMA proceedings that may end in binding rulings, remediation orders, or publication.
Update incident-response and remediation workflows so that suspected supervisory-law breaches are escalated, investigated, and corrected quickly and with a complete evidence trail.
Assume greater reputational exposure in enforcement cases and review internal communications, disclosure controls, and media-response protocols accordingly.
What changed
- FINMA is again advocating a statutory power to impose fines for serious supervisory-law breaches, which it says would strengthen deterrence and enforcement effectiveness.
FINMA is again calling for a clearer allocation of responsibility among senior management, consistent with an accountability regime or senior managers’ regime.
FINMA is again seeking the right to inform the public about concluded enforcement proceedings involving serious rule violations, rather than being restricted to anonymous statistics and exceptional...
FINMA reiterates that it already uses formal enforcement proceedings to clarify facts and restore compliance, with measures concluded by a ruling.
FINMA states that, under current law, it may generally only publish anonymous enforcement statistics and individual case disclosures only where there is a particular supervisory interest.
Compliance impact
The immediate legal position is unchanged, but the supervisory direction is clear: FINMA is pushing for a more punitive, more personal, and more transparent enforcement framework. Firms that fail to strengthen governance, documentation, and remediation discipline face higher exposure to enforcement action, reputational harm, and future individual accountability measures once reforms are adopted.
The Board of Directors of the Swiss Financial Market Supervisory Authority FINMA has appointed Alain Girard as the new Head of its Banks division. The current Head of the Recovery and Resolution division will take up his new role on 1 April 2026. He succeeds Thomas Hirschi, who left FINMA at the end of August 2025…
Why this matters
This regulatory update announces the appointment of a new head of FINMA's Banks division, which is a significant leadership change at the Swiss financial regulator.
The Board of Directors of the Swiss Financial Market Supervisory Authority FINMA has appointed Hedwig Ulmer Busenhart as the new Head of the Insurance division. The qualified mathematician and actuary has over 25 years of management experience in the insurance sector and will take up her position on 1 April 2026. She…
Why this matters
This regulatory update announces the appointment of a new Head of the Insurance division at FINMA, the Swiss financial regulator. This is relevant for insurance firms operating in Switzerland, as it involves a key leadership change at the regulatory body overseeing the insurance sector.
The Board of Directors of the Swiss Financial Market Supervisory Authority FINMA has extended Beat Fellmann’s term of office by one year until the end of 2026.
Why this matters
This regulatory update from FINMA extends the term of office for a member of the Swiss Takeover Board, which is relevant for banks and wealth managers operating in Switzerland.
The Swiss Financial Market Supervisory Authority FINMA is today publishing its ex-post evaluation report on the requirements for interest rate risk management in the banking book. The evaluation has shown that the supervisory practice has essentially been successful and that the objectives have been achieved. Specific…
The Federal Council has appointed Katia Villard to the Board of Directors of the Swiss Financial Market Supervisory Authority FINMA. A professor of criminal law, Ms Villard will succeed Ursula Cassani Bossy who is stepping down from FINMA's Board of Directors at the end of the year.
Why this matters
This regulatory update announces the appointment of a new member to FINMA's Board of Directors, which is the Swiss financial market regulator. This is a governance-related change that impacts banks and wealth managers operating in Switzerland.
Thomas Hirschi has decided to leave the Swiss Financial Market Supervisory Authority FINMA effective 31 August 2025. The Head of the Banks division will pursue a new career outside FINMA. FINMA’s Board of Directors and Executive Board thank Thomas Hirschi for his valuable contribution during his time at FINMA.
Why this matters
This is an informational news update about the departure of a senior executive from the Swiss financial regulator FINMA. It is relevant to banks and the regulatory oversight of senior management within the Swiss banking sector.
On 3 July 2025, the Swiss Financial Market Supervisory Authority FINMA launched the consultations on the new Ordinances on the Risk Diversification of Banks and Securities Firms and on the Liquidity of Banks and Securities Firms. The consultations will go on until 29 September 2025.
At its meeting on 25 June 2025, the Federal Council was informed of the resignation of Rene W. Keller from the Board of Directors of the Swiss Financial Market Supervisory Authority FINMA.
Why this matters
This regulatory update announces the resignation of a board member from FINMA, the Swiss financial market regulator. This is relevant for banking, investment management and wealth management firms operating in Switzerland, as FINMA is the key supervisory authority.