Switzerland's financial regulator is looking into irregularities at Cembra Money Bank. The consumer credit specialist had discovered the inconsistencies during its own investigation.
Swiss financial regulator Finma is looking into apparent irregularities at Cembra Money Bank, according to Swiss banking blog «Inside Paradeplatz» (in German). The Zurich-based consumer lender had alerted the regulator after finding inconsistencies during an internal investigation.
A Cembra spokesman told finews.com the bank is in contact with Finma, but didn't elaborate. According to the blog's reporting, Cembra spotted irregularities in forms to identify beneficial owners.
Cembra employees apparently ticked empty boxes without properly identifying the beneficiaries, the blog reported. The extent of the apparent regulatory lapse is unclear.
