Finma Flowbank

Swiss Financial Authority Opens Bankruptcy Proceedings Against FlowBank SA

FINMA Announces Bankruptcy

The Swiss Financial Market Supervisory Authority (FINMA) has announced it will open bankruptcy proceedings against FlowBank SA on June 13, 2024. The announcement comes after a recent investigation found irregularities within FlowBank's operations.

FlowBank Customers Affected

According to a document posted on FINMA's website, FlowBank customers will be affected. Those with up to 100,000 Swiss francs (approximately 111,710 euros) will be able to recover their funds. FINMA officials are working to determine the status of customers with higher balances.

FlowBank's Operations

FlowBank is an online brokerage and trading bank that was launched in 2020. The bank is based in Geneva, Switzerland. FINMA's investigation uncovered concerns about FlowBank's compliance with Swiss financial regulations.