Following a comprehensive investigation into the large-scale theft of data from HSBC Private Bank (Suisse) SA, FINMA has reprimanded the bank for deficiencies in its internal organisation and IT controls. FINMA has also called on the bank to see through the measures it has already initiated to comply with the legal requirements. FINMA will ensure that these measures are implemented promptly.
The Swiss Financial Market Supervisory Authority FINMA launched formal administrative proceedings against HSBC Private Bank (Suisse) SA in Geneva in March 2010. The investigation was triggered by the theft of a large volume of client data from the bank, most likely in 2006 and 2007. The investigation focused on the IT organisation in place at the time and examined whether the organisational and technical measures implemented by HSBC since the incident comply with legal requirements.
FINMA has now completed its investigation with a reprimand for the bank. FINMA has concluded that there were deficiencies in the bank's internal organisation and IT controls that resulted in a serious breach of the bank's licensing requirements. FINMA has demanded that HSBC continue to rigorously implement measures to establish the necessary level of IT security. FINMA will ensure that these measures are implemented promptly.
Contact
Tobias Lux, Media Spokesperson, Phone +41 (0)31 327 91 71,
tobias.lux@finma.ch
