Editorial

Late in the spring (sometimes very late), the second issue of this journal brings its readers a bouquet of highlights on the laws and regulation of banking and finance. This issue reflects some trends that can be observed in most mature financial markets (increased role of criminal law, transition out of LIBOR) and some that are linked to recent changes of Swiss law (civil rules on limitation, new supervision of wealth managers).

The rules and policies against money laundering and terrorism financing keep strengthening. FINMA, public prosecutors and the courts are enforcing due diligence and reporting obligations with increasing alacrity. Katia Villard looks at their personal impact on the people staffing compliance departments of banks and other financial intermediaries. Compliance officers are in high demand, but they are increasingly exposed to criminal and administrative sanctions. The threshold degree of suspicion triggering a mandatory report has been lowered by case law and…