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The Swiss Financial Market Supervisory Authority (FINMA) faces criticism for its stringent approach to regulation, particularly regarding stablecoins, as it emphasizes risk minimization over industry concerns. Under new leadership, FINMA aims to strengthen oversight, exemplified by the forced closure of Flowbank and ongoing scrutiny of HSBC for money laundering violations. The authority's recent actions reflect a shift towards stricter regulation amidst a backdrop of rising Bitcoin prices and increasing crypto integration in banking.
Flowbank's liquidation has left many clients waiting for the return of their money and securities, with only 91.3% of privileged deposits repaid by the end of November. The process has been complicated by inadequate IT infrastructure, leading to delays in transferring over 10,000 custody account positions. Despite the challenges, the liquidator continues to work on resolving the situation while managing CHF 360 million in assets.
The liquidation of Flowbank highlights significant challenges in transferring securities, with many clients still awaiting access to their assets months later. While privileged deposits are being repaid efficiently, the complex manual processes involved in securities transfers have led to delays, emphasizing the risks of holding assets with less reputable banks. Additionally, the situation has drawn attention to the bank's pop art collection, including works by Lichtenstein and Warhol.
Charles Henri Sabet
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finma faces criticism over stablecoin regulations and banking oversight challenges
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06:45 31.12.2024
flowbank clients face delays in accessing funds and securities amid liquidation
10:08 10.12.2024
flowbank liquidation highlights asset protection challenges and securities transfer delays
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Charles Henri Sabet
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10:00 21.10.2024
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