Short answers, pulled from the story.
FINMA is the Swiss government body responsible for financial regulation, overseeing banks, insurance companies, stock exchanges, securities dealers, and other financial intermediaries in Switzerland. It is an independent institution based in Bern that reports directly to the Swiss parliament rather than to a ministry.
FINMA was established on the 22nd of June 2007 through the passing of the Federal Act on the Swiss Financial Market Supervisory Authority. It replaced and merged three predecessor bodies: the Federal Banking Commission (EBK-CFB), the Federal Office of Private Insurance, and the Anti Money Laundering Control Authority.
The Federal Banking Commission (EBK-CFB) was Switzerland's national prudential banking supervisor, established by the Federal Act on Banks and Savings Banks of 1934. It was created in response to a severe banking crisis in 1931, following earlier regulatory attempts that dated back to 1914 but had not succeeded.
When the US government filed suit against UBS on the 19th of February 2009 to reveal 52,000 American customer names, FINMA used sections 25 and 26 of the Banking Act to allow UBS to hand over the names of 250 to 300 clients and pay US $780 million in fines. The Federal Administrative Court subsequently ordered FINMA to halt further name transfers to US tax authorities.
Since 2019, FINMA has been able to grant a FinTech banking license to certain fintech companies meeting regulatory criteria. As of May 2025, four companies held this license: Bivial AG, Relio AG, SR Saphirstein AG, and Yapeal AG.
In 2025, FINMA conducted 113 audits of banks, 43 audits of insurers, and 20 audits in the field of asset management.