Privy Council rules against extension of the Quincecare duty -
Does a bank owe a duty of care to a person who is the beneficial owner of funds held in the account of a customer of the bank and who has been defrauded by...more
5/31/2022
/ Beneficial Owner ,
Cybersecurity ,
Duty of Care ,
Economic Sanctions ,
Enforcement Actions ,
EU ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Know Your Customers ,
Payment Systems ,
Privileged Communication ,
UK
The draft Economic Crime (Transparency and Enforcement) Bill, published on 28 February 2022 and following an expedited passage through Parliament, received Royal Asset on 15 March 2022 to become the Act. Some of the...more
On 22 February 2022, the Financial Conduct Authority (FCA) published a statement about the new financial sanctions measures imposed in relation to Russia and set out its expectations of authorised firms. Importantly, in...more
In its most significant enforcement action to date, HM Treasury’s Office of Financial Sanctions Implementation (“OFSI”) has imposed a £20.47 million penalty on Standard Chartered Bank (“SCB”) for breaching a prohibition...more