Switzerland Compliance & Financial Crime Market Trends

In November 2023, we hosted our first-round table event in Zürich, with a number of distinguished Heads of Compliance and Heads of Financial Crime in attendance. Here are some of the key takeaways:

Financial institutions are grappling with multifaceted challenges in ESG (Environmental, Social & Governance) driven by heightened pressure from FINMA (Financial Market Supervisory Authority) to adopt sustainable practices and navigate the complexities of ESG criteria. Regulatory measures, exemplified by the EU’s SFDR (Sustainable Finance Disclosure Regulation), add layers of complexity, particularly for smaller firms defining ‘sustainable investment.’ Concerns about “greenwashing” and the difficulty of implementing effective controls without clear guidance extend beyond regulatory checkboxes. It was raised that when discussing ESG that DE&I (Diversity, Equity & Inclusion) can be overlooked and that prompting the recognition of diversity targets is crucial. Despite existing complexities, there’s a prevailing sentiment that ESG is a permanent fixture, calling for collaboration among firms.

In Financial Crime, AML (Anti-Money Laundering) and sanctions, increased scrutiny and challenges from the EU’s new AML package pose uncertainties, leading to varied opinions on accountability dynamics and structural concerns as Compliance moves within the first line.

The integration of AI (Artificial Intelligence) and Digital Transformation raises questions about effectiveness and transparency, sparking debates on ownership, intellectual property laws, and liability frameworks. Meanwhile, data privacy concerns and budget constraints may hinder robust AI implementation.

In 2024, we envisage that companies will prioritise Compliance professionals with strong ESG implementation experience, robust Financial Crime knowledge, and data expertise. These skills are expected to be even more in demand by Banks and Asset Managers operating in Switzerland.

For tailored solutions to your hiring needs in the current Switzerland Compliance & Financial Crime market, contact Isabel today. Her expertise and insights can guide you through navigating the current landscape and securing the right talent for your team.

Isabel Anchebe
Associate Director, Head of Compliance, Europe
T: +44 (0) 20 3889 5758 E: ianchebe@danosassociates.com