Finma has imposed a significant fine on Leonteq for serious breaches of risk management and governance, leading to a profit warning for 2024. The financial group must now enhance its compliance measures and can only work with regulated foreign distributors, while an auditor will oversee these changes. Despite the violations, Leonteq has cooperated with Finma and has already taken steps to improve its risk management and compliance frameworks.
Leonteq has been fined by FINMA for serious breaches of risk management and warranty obligations, leading to a profit warning for 2024. The Swiss financial group must now work only with regulated foreign distributors and has had CHF 9.3 million in profits confiscated due to violations involving unregulated partners. Despite these issues, Leonteq has committed to enhancing its compliance and risk management processes, with top management acknowledging past weaknesses.
FINMA has imposed significant penalties on Zurich-based derivatives firm Leonteq for serious breaches of risk management and warranty obligations related to unregulated foreign distributors. The authority confiscated CHF 9.3 million in profits and mandated compliance measures, including working only with regulated distributors. Despite these challenges, Leonteq anticipates a profit in the "single-digit million range" for 2024, acknowledging past shortcomings in risk management.
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