Credit Suisse, CIA-Funded Palantir to Target Rogue Bankers

http://www.bloomberg.com/news/articles/2016-03-22/credit-suisse-cia-funded-palantir-build-joint-compliance-firm


Credit Suisse Group AG founded a venture with Silicon Valley’s Palantir Technologies Inc. that aims to catch rogue employees before they can harm the bank, employing the expertise of a firm seed-funded by the U.S. Central Intelligence Agency that’s better known for identifying terrorists.


The 50-50 joint venture, called Signac, was signed in recent weeks and will initially focus on detecting unauthorized trading, Credit Suisse said in a presentation seen by Bloomberg News. The Zurich-based lender plans to expand Signac to monitor all employee behavior, catch breaches of conduct rules, and eventually offer the service to other banks.


Lara Warner, Credit Suisse’s head of compliance, said in an interview Monday that the bank began working with Palantir after its biggest Swiss rival, UBS Group AG, lost $2.3 billion on unauthorized trading by Kweku Adoboli in 2011.