BMW Worker Who Stole Was Deemed 'Low-Risk,' HSBC Says

Law360, London (February 4, 2019, 4:58 PM GMT) -- HSBC Bank PLC has refuted accusations that it failed to stop a former BMW account manager, who had been deemed a low risk for money laundering, from stealing nearly £6 million from a plant in the U.K., instead pinning the blame on the automaker for not catching onto the fraud.

The bank has said that it wasn't responsible for uncovering and preventing a former BMW Hams Hall Motoren GmbH employee Johannes Franciscus Franken from siphoning some £5.9 million ($7.7 million) from the U.K. BMW subsidiary between September 2011 and December 2015. About £1.4 million has been confiscated by U.K. authorities.

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