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Legal Briefing
Shah v HSBC judgment brings relief for banks and money laundering officers
Practice Area: Regulation and Compliance
Sector: Commercial and Retail Banking
Jurisdiction: England & Wales
Published: 29 May 2012
Law Firm: Wragge & Co
Overview
The ground-breaking decision in Shah v HSBC Private Bank Ltd will come as a welcome relief to banks and money laundering officers in general. It confirms that terms can be implied into a customer-bank contract where the bank has a suspicion of money laundering which it has reported to the Serious Organised Crime Agency. Those implied terms allow a bank to refuse to execute customers' payment instructions or provide information to them where to do so may constitute a 'tipping off' under the Proceeds of Crime Act 2002.
Wragge & Co's dispute resolution team review the details of the case and comment on the potential impact of the judgment.
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