FINMA, the Swiss financial regulator, has initiated formal administrative proceedings against HSBC, after it was confirmed this month that the data stolen in 2007 from its Geneva-based private bank compromised 15,000 existing clients with Swiss-based accounts. In total, 24,000 accounts were stolen.
FINMA, the Swiss financial regulator, has initiated formal administrative proceedings against HSBC, after it was confirmed this month that the data stolen in 2007 from its Geneva-based private bank compromised 15,000 existing clients with Swiss-based accounts. In total, 24,000 accounts were stolen.
Meanwhile, HSBC has issued a public apology for the incident.
Hervé Falciani, a former computer specialist who fled to France, was the thief.
Related
The extent of the theft, which emerged when copies of some of the data were passed to HSBC by the Swiss Federal Prosecutor, has prompted FINMA to investigate how it could have occurred, and whether the bank has since implemented the legally required operational and technical prevention measures.
The matter extends beyond the bank and the Swiss authorities, as a dispute emerged between the French and Swiss governments when the French government seized the data.
To read the full story, visit wealthbriefing.com
Content from our partners
