An 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...
ACAMS moneylaundering.com spoke with the co-head of the United Kingdom's Serious Fraud Office's bribery and corruption unit, Ben Morgan, about his hopes of securing the U.K.'s first deferred prosecution agreement with a corporate.
U.K. financial regulators will likely only get tougher on British banks that violate anti-money laundering laws in the coming year, possibly going so far as to prosecute individuals, according to Jonathan Fisher QC, a London-based barrister.
The U.S. Justice Department is seeking to fine HSBC USA as much as $500 million for anti-money laundering compliance problems, an amount that would be the largest-ever penalty for such violations, say individuals familiar with the investigation.