Swift claims no system breach in $81m Bangladesh bank heist
( April 8, 2016, 04:28 GMT | Insight) -- On the heels of an $81 million Bangladesh Bank heist, the Brussels-based Society for Worldwide Interbank Financial Telecommunications, the messaging network system financial institutions use to send money transfer instructions, has said its system wasn't breached when the funds were transferred from New York to Manila, GMA News reports. On the heels of an $81 million Bangladesh Bank heist, the Brussels-based Society for Worldwide Interbank Financial Telecommunications, or Swift, the messaging network system financial institutions use to send money transfer instructions, has said its system wasn't breached when the funds were transferred from New York to Manila, GMA News reports. Alain Raes, the chief executive of Swift's Asia-Pacific operations, told reporters at a briefing in Manila that there was a need to differentiate between the responsibilities of Swift and the responsibilities of banks. He said that although Swift was responsible for informing its clients of all transactions, as well as the security measures it undertook, banks were ultimately responsible for ensuring the safety of all transactions. ...
Prepare for tomorrow’s regulatory change, today
MLex identifies risk to business wherever it emerges, with specialist reporters across the globe providing exclusive news and deep-dive analysis on the proposals, probes, enforcement actions and rulings that matter to your organization and clients, now and in the longer term.
Know what others in the room don’t, with features including:
Daily newsletters for Antitrust, M&A, Trade, Data Privacy & Security, Technology, AI and more
Custom alerts on specific filters including geographies, industries, topics and companies to suit your practice needs
Predictive analysis from expert journalists across North America, the UK and Europe, Latin America and Asia-Pacific
Curated case files bringing together news, analysis and source documents in a single timeline