The FinCEN Files: How Criminals Moved Trillions of Money Through JP Morgan, HSBC and More

By Polly Harrison for The Fintech Times
Wednesday, September 23, 2020

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The repercussions of this leak can already be seen across the globe, with shares in the banking sector falling just one day after the report was released, where in London Barclays fell by 4% and HSBC lost 3%. In Hong Kong, HSBC dropped over 4%, the lowest their shares have been since May 1995.

Ilia Kolochenko, Founder & CEO of web security company ImmuniWeb said, “This sensational and unprecedented leak clearly demonstrates a wide spectrum of data protection weaknesses in the governmental sector, affecting even the most developed Western countries. In light of the diversity and long timeline of the leaked documents, we may hypothesize that the documents were likely stolen by an insider, or in a silent breach of FinCEN or one of its suppliers.

“From a cybersecurity standpoint, we may expect a growing lack of trust to governmental agencies, which on one side have quasi unlimited access to the most sensitive data of the largest organizations, while cannot duly safeguard this data on the other side. A transparent investigation is required to restore confidence. We might likewise foresee a further hardening of data protection laws that could dramatically exacerbate the situation if implemented too rapidly or overbroadly.” Read Full Article