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Securing SWIFT and global payments transactions—key issues

The cyber hacking and illegal money transfer incident that involved the central bank of Bangladesh brings up serious questions about data and network security as well as the effectiveness of anti-money laundering compliance measures.

The cyber hacking and illegal money transfer incident that involved the central bank of Bangladesh brings up serious questions about data and network security as well as the effectiveness of anti-money laundering compliance measures. This incident should be a cause for concern to all banks who are worried about safeguarding their payments processes and business. Chief among these is how did such a heist manage to go almost undetected through the global banking and clearing system? Banks that send and receive large volumes of cross-border payment transactions daily need to ask how secure these transactions are. How robust is the current global payments process that is essentially built around the SWIFT messaging platform and the conventional correspondent banking model in combating such cyberattacks?

This web-based consultation session will explore the following issues:
– What should banks do to review their internal compliance processes in light of this cyber theft?
– What should banks look for in their global financial institution partners to mitigate this?
– How should SWIFT improve detection and mitigation processes?

About the The Asian Banker Live

The Asian Banker Live aims to enhance understanding of the finance industry in Asia by bringing together interested players to examine current, critical issues through a discussion facilitated by visual and web-based platforms.

Through the use of interactive technology, participants do not have to take time out from their crowded schedules or leave the comfort of their own desks.


Institution: ISACA UK, Cyber Management Alliance, SWIFT
People : Amar Singh, Saqib Sheikh
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