RBS Cleared After Freezing Accounts Over AML Fears
Law360, London (July 11, 2019, 2:31 PM BST) -- The Royal Bank of Scotland does not owe a major foreign exchange company compensation for closing bank accounts allegedly connected to a boiler room scheme as the lender had a responsibility to stop suspected money laundering, a London court has ruled.
Senior executives on the bank's anti-money laundering team made a reasonable decision to freeze four main bank accounts amid suspicions that fraudsters engaged in a boiler-room investment scheme were funneling illegal money through the accounts, High Court Judge Robin Knowles ruled.
Judge Knowles dismissed the claim for damages by the forex trading company, saying in a decision handed down on July 8...
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