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...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.

  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!