Ordered to Turn Over AML Data, Four Banks Could Face Repercussions from Saudi Dispute

By Brian Monroe

A New York court ruling that granted plaintiffs access to compliance data from four banks linked to a Saudi fraud case is likely to draw the attention of regulators and other litigants, say attorneys. In May, Circuit Court Judge Jed Rakoff ordered Bank of America, CitiBank, HSBC and Standard Chartered to turn over anti-money laundering (AML) and other data on six clients tied to Maan Al-Sanea, a Saudi billionaire accused of defrauding his wife's family, the Al-Gosaibis, by borrowing billions of dollars from more than 100 banks under false pretenses. The banks subsequently handed over documentation on due diligence and...