JPMorgan Hack Justifies Secret Accounts, Ex-UBS Banker Says

A former UBS Group AG banker told a Paris court that a cyber attack on Wall Street and Russian meddling in the 2016 U.S. elections show the benefits of a UBS service that allowed clients to conceal their identity via numbered Swiss accounts.


The 58-year-old told the Paris criminal court Thursday that numbered accounts had “the exact same due diligence obligations as the named accounts” but simply had additional “security features.”


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