While the data has been in the hands of tax officials around the world since May 2010, only now, after a flurry of press attention, are regulators being moved to act.
Europe’s largest bank is bracing itself for yet another wave of international regulatory probes, this time over tax evasion. A massive leak in 2010 uncovered the Swiss subsidiary’s illegal activity from 2005 to 2007, but the damaging revelations are only now causing a storm after a recent flurry of press attention.
The leak exposed the subsidiary colluding with hundreds of clients to conceal undeclared accounts. The bank even provided services to criminals and corrupt businessmen, handing out bricks of cash in various currencies.
But the kicker is that this information has been in the hands of tax officials around the world since May 2010. In this five-year period, the UK has only one measly prosecution to show for itself. Whether any action at all has been taken elsewhere is uncertain at best.
International Outcry
In the US, as with most countries, it is unclear if regulators took any action after receiving the huge cache of data, but now the US Department of Justice is considering criminal charges. Democratic senator Elizabeth Warren is calling on prosecutors to “come down hard.”
Another democratic senator and leading member of the Senate banking committee, Ohio senator Sherrod Brown, is demanding that the government explains itself. “I will be very interested to hear the government’s full explanation of actions, or lack thereof, upon learning of these allegations in 2010.”
In Belgium, where HSBC’s Swiss subsidiary is already under investigation for tax fraud, a judge is considering further action such as issuing international arrest warrants for HSBC Switzerland’s directors. Prosecution spokeswoman Ine Van Wymeersch stated that “the judge believes that it is now time for the bank to cooperate, otherwise he will be forced to issue international arrest warrants...”
In Switzerland, senior politicians are calling for regulatory investigations. Swiss socialist politician Roger Nordmann called for the opening of an inquiry. Micheline Calmy-Rey, Switzerland’s foreign minister from 2003 to 2011, said she was angry. Speaking to Swiss radio, she also asserted that opening an investigation would be “the least that could be done.”
In the UK the leak has ignited fierce political rhetoric. The Labour party put Treasury minister David Guake through a gauntlet of questions as he was forced to appear before the Commons to defend his ministry’s efforts against tax evasion.
British Trade Minister Stephen Green
But it is HSBC’s former chief executive and chairman Stephen Green, now Britain's trade minister, who has been receiving the brunt of the UK’s political backlash. Green was the executive chairman of HSBC from 2006 to 2010. He has so far declined to comment on the leak, but David Cameron, who made Green trade minister, has come to his defense.
The government of Denmark, meanwhile, will be seeking names of citizens who may have avoided Danish taxes via the bank. French Prime Minister Manual Valls reiterated his country’s determination in fighting tax evasion. France, for its part, has already launched an investigation.
2010 Leak
The unbelievable cache of data was leaked by Hervé Falciani, an HSBC bank IT worker. He handed over CDs to French tax investigators containing data on an estimated 130,000 clients. Straight out of an Alain Delon spy thriller, he slid them across a table of an airport cafe to the French investigators during Christmas of 2008.
He is currently under police protection in France, but in November of 2014 the Swiss federal government indicted Falciani for industrial espionage and for violating the country's bank secrecy law, punishable by a maximum of three years in prison.
Under that deal, HSBC controversially managed to avoid criminal charges and to keep its banking charter that allows it to operate in the US. It might not be so lucky this time.
Europe’s largest bank is bracing itself for yet another wave of international regulatory probes, this time over tax evasion. A massive leak in 2010 uncovered the Swiss subsidiary’s illegal activity from 2005 to 2007, but the damaging revelations are only now causing a storm after a recent flurry of press attention.
The leak exposed the subsidiary colluding with hundreds of clients to conceal undeclared accounts. The bank even provided services to criminals and corrupt businessmen, handing out bricks of cash in various currencies.
But the kicker is that this information has been in the hands of tax officials around the world since May 2010. In this five-year period, the UK has only one measly prosecution to show for itself. Whether any action at all has been taken elsewhere is uncertain at best.
International Outcry
In the US, as with most countries, it is unclear if regulators took any action after receiving the huge cache of data, but now the US Department of Justice is considering criminal charges. Democratic senator Elizabeth Warren is calling on prosecutors to “come down hard.”
Another democratic senator and leading member of the Senate banking committee, Ohio senator Sherrod Brown, is demanding that the government explains itself. “I will be very interested to hear the government’s full explanation of actions, or lack thereof, upon learning of these allegations in 2010.”
In Belgium, where HSBC’s Swiss subsidiary is already under investigation for tax fraud, a judge is considering further action such as issuing international arrest warrants for HSBC Switzerland’s directors. Prosecution spokeswoman Ine Van Wymeersch stated that “the judge believes that it is now time for the bank to cooperate, otherwise he will be forced to issue international arrest warrants...”
In Switzerland, senior politicians are calling for regulatory investigations. Swiss socialist politician Roger Nordmann called for the opening of an inquiry. Micheline Calmy-Rey, Switzerland’s foreign minister from 2003 to 2011, said she was angry. Speaking to Swiss radio, she also asserted that opening an investigation would be “the least that could be done.”
In the UK the leak has ignited fierce political rhetoric. The Labour party put Treasury minister David Guake through a gauntlet of questions as he was forced to appear before the Commons to defend his ministry’s efforts against tax evasion.
British Trade Minister Stephen Green
But it is HSBC’s former chief executive and chairman Stephen Green, now Britain's trade minister, who has been receiving the brunt of the UK’s political backlash. Green was the executive chairman of HSBC from 2006 to 2010. He has so far declined to comment on the leak, but David Cameron, who made Green trade minister, has come to his defense.
The government of Denmark, meanwhile, will be seeking names of citizens who may have avoided Danish taxes via the bank. French Prime Minister Manual Valls reiterated his country’s determination in fighting tax evasion. France, for its part, has already launched an investigation.
2010 Leak
The unbelievable cache of data was leaked by Hervé Falciani, an HSBC bank IT worker. He handed over CDs to French tax investigators containing data on an estimated 130,000 clients. Straight out of an Alain Delon spy thriller, he slid them across a table of an airport cafe to the French investigators during Christmas of 2008.
He is currently under police protection in France, but in November of 2014 the Swiss federal government indicted Falciani for industrial espionage and for violating the country's bank secrecy law, punishable by a maximum of three years in prison.
Under that deal, HSBC controversially managed to avoid criminal charges and to keep its banking charter that allows it to operate in the US. It might not be so lucky this time.
iFOREX Adds Saudi and South Korean Equity CFDs as IPO Is Delayed
Executive Interview | Charlotte Bullock | Chief Product Officer, Bank of London | FMLS:25
Executive Interview | Charlotte Bullock | Chief Product Officer, Bank of London | FMLS:25
In this interview, we sat down with Charlotte Bullock, Head of Product at The Bank of London, previously at SAP and now shaping product at one of the sector’s most ambitious new banking players.
Charlotte reflects on the Summit so far and talks about the culture inside fintech banks today. We look at the pressures that come with scaling, and how firms can hold onto the nimble approach that made them stand out early on.
We also cover the state of payments ahead of her appearance on the payments roundtable: the blockages financial firms face, the areas that still need fixing, and what a realistic solution looks like in 2026.
In this interview, we sat down with Charlotte Bullock, Head of Product at The Bank of London, previously at SAP and now shaping product at one of the sector’s most ambitious new banking players.
Charlotte reflects on the Summit so far and talks about the culture inside fintech banks today. We look at the pressures that come with scaling, and how firms can hold onto the nimble approach that made them stand out early on.
We also cover the state of payments ahead of her appearance on the payments roundtable: the blockages financial firms face, the areas that still need fixing, and what a realistic solution looks like in 2026.
In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
Executive Interview | Remonda Z. Kirketerp Møller| CEO & Founder Muinmos | FMLS:25
Executive Interview | Remonda Z. Kirketerp Møller| CEO & Founder Muinmos | FMLS:25
In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity.
Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity.
Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
In this conversation, we speak with Aydin Bonabi, CEO and co-founder of Surveill, a firm focused on fraud detection and AI-driven compliance tools for financial institutions.
We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
He closes with a clear message: fraud is scaling, and so must the tools that stop it.
In this conversation, we speak with Aydin Bonabi, CEO and co-founder of Surveill, a firm focused on fraud detection and AI-driven compliance tools for financial institutions.
We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
He closes with a clear message: fraud is scaling, and so must the tools that stop it.
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
