Live audio webinar: Shah v HSBC what does the decision mean? – As part of Comsures own CPD all of its employees, consultants and selected clients will be participating in the public Herbert Smith webinar on Shah v HSBC and what does the decision mean? this webinar will be held on Tuesday 23 February 12.45-1.45pm UK time
This webinar will look at:
- what this case means for banks and other makers of money laundering disclosures; and
- what changes may need to be made to procedures/contracts as a result
- If you are interested in registering for this webinar please contact Jane Webber
Tuesday 23 February 12.45-1.45pm UK time
Speakers:
Peter Burrell, partner
Daniel Hudson, senior associate
Last year, HSBC was successful in obtaining summary judgment on a claim brought by one of its customers, Mr Shah (and his wife), who were seeking damages against HSBC for breaches of duty and failing to follow his instructions to process transactions whilst requests for consent under the Proceeds of Crime Act 2002 (POCA) were pending with the Serious Organised Crime Agency (SOCA). On 4 February 2010 the Court of Appeal allowed in part Mr Shah’s appeal against the summary judgment.
The Court of Appeal’s decision in Shah and Anor v HSBC Private Bank (UK) Limited [2010] EWCA Civ 31 means that customers can now obtain disclosure of banks’ internal documents relating to money laundering disclosures and put them to proof at trial of the suspicions they report to SOCA, with the consequence that if they fail to justify any disclosure made that the bank could be ordered to pay damages for any losses suffered. The case also leaves open the possibility that banks may owe duties to their customers to inform them about money laundering disclosures which have been made about them.
The case is likely not just to impact on banks but also on all those who make money laundering disclosures. Banks, financial firms and others in the regulated sector, such as lawyers and accountants, will be caught and even those outside the regulated sector for the purposes of POCA will need to ensure that proper processes are in place where they make SARs.
for more information go to
http://www.herbertsmith.com/News/Events/shah+v+hsbc+230210.htm
Loading...