Featured Data

The One Job in Banking the Robots Can’t Take

When HSBC Holdings Plc thwarted a $500 million central-bank heist, sophisticated computer software didn’t raise the alarm. The funds flowed undetected from Angola’s reserves to a dormant company’s account in London. It was a teller at a suburban bank branch who became suspicious, declined a request to transfer $2 million,… Read More

‘Swiss Leaks’ banker admits to helping clients hide money

A former chief executive of HSBC’s Swiss unit has pleaded guilty to helping wealthy clients hide at least €1.6 million. AFP recently reported that Peter Braunwalder was fined $560,000 and received a one-year suspended sentence in France for his role in helping HSBC’s clients stash their cash. The Swiss Leaks… Read More

France, Panama to launch bilateral body to fight tax evasion

France and Panama have signed a bilateral agreement in Panama City to create a group designed to curb tax fraud, announced Gérald Darmanin, French minister of public accounts. The move comes years after Panama was blacklisted amid the Panama Papers tax evasion scandal. “With Panama’s Minister of Economy and Finance, Hector Alexander, we… Read More
20th August 2019
Today, it’s not just humans competing for work in banking. Machines are becoming a threat to warm-blooded number crunchers worldwide. Indeed, almost one-third of financial-services jobs could be displaced by automation by the mid-2030s, according to a report by PricewaterhouseCoopers LLP last year. Despite those stark forecasts, some optimists… Read More
7th August 2019
For decades, increasing reliance on technology and automation has meant one thing for workers: fewer jobs. In a fast-growing corner of the finance industry, it’s doing the opposite as banks across Europe struggle to fill positions in units employing tech to combat money laundering. Reeling from a litany of scandals… Read More
2nd August 2019
Large financial companies have to thwart hundreds of thousands of cyberattacks every single day. Data thieves have to get lucky only once. Big banks like Capital One, the victim of a recent attack that captured the personal information of over 100 million people,… Read More
31st July 2019
A U.S. appeals court on Tuesday ordered heavy contempt fines to begin against three large Chinese banks locked in a battle over customer financial records with U.S. prosecutors investigating possible North Korean sanctions violations. It remained unclear whether the firms, unnamed in court papers but previously reported to be… Read More
30th July 2019
Deutsche Bank is reviewing whether it allowed confidential client data to be compromised by former employees who were laid off earlier this month, the Financial Times reported Sunday. Approximately 50 former traders from Deutsche’s London and New York offices were able to access the bank’s systems and their emails in… Read More
29th July 2019
Switzerland’s highest court has ruled that historical data about 40,000 UBS (UBSG.S) clients must be handed to French tax authorities in a landmark case that could set a precedent for foreign governments seeking information from Swiss banks. Three of the five judges presiding at the Swiss Supreme Court… Read More
23rd July 2019
The European Commission on Monday formally reapproved a US-EU initiative that permits investigators of terrorism to obtain financial records from participating nations. In its fifth review of the Terrorist Finance Tracking Program (TFTP), the commission said that information provided to it by American authorities, Europol, independent overseers and other… Read More
17th July 2019
Bulgaria’s finance minister apologized to the country on Tuesday after admitting hackers had stolen millions of taxpayers’ financial data in an attack that one researcher said may have compromised nearly every adult’s personal records. The breach of servers at the tax agency (NRA) happened at the end of June and… Read More
16th July 2019
Banks must evolve or risk being “left behind” as big tech companies shake up the financial system, according to new research from the International Monetary Fund (IMF). In a paper published Monday titled “The Rise of Digital Money,” IMF authors… Read More
15th July 2019
A proposal to prevent big technology companies from functioning as financial institutions or issuing digital currencies has been circulated for discussion by the Democratic majority that leads the House Financial Services Committee, according to a copy of the draft legislation seen by Reuters. In a sign of widening scrutiny after… Read More