A High Court ruling to allow a NatWest client to review suspicious activity reports filed on him by the U.K. lender may compel compliance officers to reconsider how they disclose potentially illicit transactions to the government, sources told ACAMS moneylaundering.com. In a 23-page ruling issued in July but first published Oct. 8, Deputy High Court Judge Karen Steyn ordered NatWest to hand over all SARs submitted to the National Crime Agency, or NCA, on David Lonsdale, a London-based attorney and pub landlord whose seven accounts with the bank were frozen and closed in December 2017 amid suspicion of money laundering....
British banks could be exempted from having to report marginally suspicious transactions if a swath of reforms pitched by the U.K. Law Commission sees adoption.
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