The Agefi conducted a number of interviews at small banks in Geneva and the feedback is that they fear the FINMA and its push to participate in the US Program.

If a bank decide not to participate in the US Program, it stands the risk of having the FINMA run an audit between December 9 and 31.

This article also publishes 11 questions sent to the members of the Association of Foreign Banks in Switzerland. Would the answer to all these questions be ‘no’, the Association believes that these banks may be eligible for an accelerated procedure in the US Program.