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Results: 1-10 of 33

Market abuseinsider dealingFSA enforcement

  • Herbert Smith Freehills LLP
  • -
  • European Union, United Kingdom
  • -
  • December 5 2012

The FSA has published two final guidelines as follows: FG1220 - anti-bribery and corruption systems and controls; and FG1221 - banks' defences against financial crime

Market abuseinsider dealingFSA enforcement

  • Herbert Smith Freehills LLP
  • -
  • United Kingdom
  • -
  • October 10 2012

The Wheatley Review of LIBOR, which was commissioned by HM Treasury to review the London Inter-Bank Offered Rate, has issued its final report

General counsel update: 31 May 2012

  • Herbert Smith Freehills LLP
  • -
  • Argentina, China, European Union, Hong Kong, Singapore, Spain, United Kingdom
  • -
  • May 31 2012

This is the twenty-ninth in our series of General Counsel Updates which aim to summarise major developments in key areas

FSA fines bank and its former MLRO for failure to comply with anti-money laundering requirements

  • Herbert Smith Freehills LLP
  • -
  • United Kingdom
  • -
  • May 31 2012

In May 2012 the FSA issued Final Notices fining Habib Bank AG Zurich (“Habib”) £525,000 for failure to take reasonable care to establish and maintain adequate anti-money laundering (“AML”) systems and controls and fining its former Money Laundering Reporting Officer (“MLRO”) Syed Hussain £17,500 for failure to take reasonable steps to ensure that Habib complied with relevant AML requirements

Shah v HSBC: High Court clarifies bank's duties to customers when making SARs

  • Herbert Smith Freehills LLP
  • -
  • United Kingdom
  • -
  • May 22 2012

The High Court has clarified the extent to which banks are required to disclose information to their customers about whom they have made money laundering disclosures or have obligations to such customers which could expose them to liability in the event that the banks' money laundering disclosures causes loss to those customers

Market abuse update

  • Herbert Smith Freehills LLP
  • -
  • United Kingdom
  • -
  • November 17 2011

Since our last update in April, there have been some significant milestones in the FSA's fight against market abuse

Court of Appeal rules that identity of employees making money laundering reports can be redacted when disclosing documents in Shah and another v HSBC Private Bank (UK) Limited 2011 EWCA Civ 1154

  • Herbert Smith Freehills LLP
  • -
  • United Kingdom
  • -
  • November 17 2011

The case concerns an interim application regarding the disclosure of documents by HSBC, in the context of proceedings brought by Mr Shah and his wife against HSBC seeking damages for breaches of duty and failure to follow his instructions to process transactions whilst the bank’s requests for consent under the Proceeds of Crime Act 2002 (POCA) were pending with the Serious Organised Crime Agency (SOCA

Relevance not sufficient for standard disclosure

  • Herbert Smith Freehills LLP
  • -
  • United Kingdom
  • -
  • November 1 2011

The Court of Appeal has reiterated the distinction between the broad discovery regime that applied before the introduction of the Civil Procedure Rules (“CPR”) in 1999 and the more limited requirements under CPR “standard disclosure”

Shah v HSBC: Court of Appeal rules that identity of employees making money laundering reports can be redacted when disclosing documents in litigation

  • Herbert Smith Freehills LLP
  • -
  • United Kingdom
  • -
  • October 24 2011

This ruling is the latest development in the ongoing Shah v HSBC saga, proceedings brought by Mr Shah and his wife, two Zimbabwean-based customers of HSBC Private Bank (UK) Limited ("HSBC"), for losses allegedly caused as a result of delays whilst HSBC's requests for consent under the Proceeds of Crime Act 2002 ("POCA") were pending with the Serious Organised Crime Agency ("SOCA"

Smoke in the hall of mirrors: good news for defendants in Sinclair v Versailles 2011 EWHC Civ 347

  • Herbert Smith Freehills LLP
  • -
  • United Kingdom
  • -
  • June 8 2011

The Sinclair v Versailles decision has extinguished any prospect that a victim of a fraud has a proprietary claim to a fraudster’s secret profits

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