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U.K. Court Decision Places New Requirements on AML Professionals
By Vanya Dragomanovich
printAn appellate court decision rejecting a Zimbabwean couple's demand to know the names of HSBC employees who identified them in a suspicious transaction report could also establish new compliance requirements for British banks. While the Sept. 20 U.K. Court of Appeal decision evoked a collective sigh of relief from compliance professionals, it also set a legal precedent that could result in banks turning over more documentation on their anti-money laundering (AML) programs during litigation, including details about their reporting processes and which compliance department filed related suspicious transaction reports (STRs), say sources. Financial institutions may also have to divulge how...
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