NY Fed may do ‘enhanced monitoring’ of SWIFT money transfers: Yellen

The corner stone of The New York Federal Reserve Bank is seen surrounded by financial institutions in New York’s financial districtThomson Reuters

WASHINGTON (Reuters) – The Federal Reserve Bank of New York might begin taking closer looks at international money transfers using the SWIFT network, Fed Chair Janet Yellen said on Wednesday in response to questions over a recent theft by cyber criminals.

“The New York Fed systems weren’t compromised but they are looking at their processes, looking at what’s best practices, looking at the possibility of enhanced monitoring for certain kinds of transactions,” Yellen said in an appearance before lawmakers.

(Reporting by Jason Lange in Washington and Lindsay Dunsmuir in Ottawa; Editing by David Gregorio)