Swissquote Ordered by Regulator to Slash Suspicious Activity (1)

Switzerland’s financial watchdog has stepped up pressure on trading platform Swissquote Group Holding SA to do more to curb suspicious activity amid a surge in attempted fraud and hacks.

In an annual assessment letter earlier this year, Finma told Switzerland’s biggest consumer trading platform to do more to reduce the number of reports it has to submit to the country’s money laundering reporting office, according to Swissquote CEO Marc Buerki.

Particular emphasis was put on financial-services app Yuh, which Swissquote operates in cooperation with state-owned lender PostFinance AG, Buerki said, adding that systems belonging to Swissquote itself hadn’t ...