Swiss regulator slams HSBC over data theft

Swiss regulator slams HSBC over data theft

HSBC has been slammed by Swiss regulator Finma for the poor IT controls that saw a staff member steal data on thousands of customers.

In 2006 or 2007, Herve Falciani, an IT employee at HSBC's Geneva-based private bank, stole details of around 24,000 customers.

Falciani fled to France while under investigation where in 2009 authorities acting on a Swiss warrant, seized the data from his home. The information is now being used by France, Italy and Spain to take on tax evaders.

Following an investigation launched last March, Finma has reprimanded the bank for "deficiencies in its internal organisation and IT controls" and has demanded it "continue to rigorously implement measures to establish the necessary level of IT security".

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