BERN, March 20 Reuters Swiss financial regulator FINMA said on Wednesday it plans to carry out 40 reviews of UBS and two stress tests this year on the bank after it took over rival Credit Suisse in 2023, which heightened concerns about 39;too big to fail39; lenders.

FINMA laid out plans for regulating the country39;s last remaining global systemic bank in its 2023 annual report as the regulator doubled down on its calls for more powers.

Forty onsite supervisory reviews are planned at UBS in Switzerland and abroad, as well as two indepth stress tests this year, Thomas Hirschi, FINMA39;s head of the banks division, said.

The supervisory authority said its activities focus on the risks that come with UBS39;s integration of its former rival Credit Suisse, including operational stability.

FINMA said it was also focusing on the combined bank39;s capital and liquidity planning and said that UBS39;s recovery and emergency planning postmerger will be critically reviewed.

The regulator has come under fire for its supervision of the Credit Suisse, and has defended its role in the meltdown which eventually triggered the biggest rescue of a bank since the global financial crisis of 20082009.

In its appraisal of the sector, FINMA identified a number of serious shortcomings, notably in the areas of money laundering, mortgage lending and cyber risks. It urged the banks concerned to remedy these shortcomings without delay.

On Tuesday, the Swiss National Bank called for an…