Stolen Swiss bank data reveals far more accounts and customers than previously admitted, French prosecutor reveal

News - Banking

Written by Ray Clancy

Wednesday, 14 April 2010 08:38

Some 79,000 customers with 127,000 accounts have been identified from data stolen from a Swiss unit of HSBC bank, a far higher number than previously made public, according to a French prosecutor.

The chief executive of HSBC Private Bank (Switzerland) said last month that details of 24,000 bank customers may have been leaked in the theft three years ago by an IT worker at the bank.

However, French prosecutor Eric de Montgolfier said the stolen files, which have now been decrypted, allowed for the identification of 127,000 accounts belonging to 79,000 people.

He said that 8,231 French account holders have been identified and about 7,000 Italians also appear to be concerned.

The major security breach has helped fuel pressure on Switzerland over tax evasion.
French authorities in January 2009 acted on a Swiss warrant and seized HSBC customer data from former computer specialist Herve Falciani’s home in France.

They then said they intended to investigate suspected evasion by French taxpayers with secret Swiss accounts. French prosecutors have since opened an investigation into money laundering and authorities have used the data to identify suspected tax cheats.

Italian authorities have now asked French judicial authorities to provide them with the data as well and more may follow suit.

Last month, Alexandre Zeller, chief executive of HSBC Private Bank (Switzerland), said 15,000 of its remaining customers were concerned by the case, while 9,000 of them had left the bank since the data theft.

The bank said it came up with those numbers after authorities provided it with a significant amount of the stolen data.

US and German authorities are also looking at stolen data that may provide them with details of account holders with Swiss banks who may be tax evaders.