Financial Regulatory Forum

HSBC victory in Shah claim a relief to bank money-laundering monitors

By Guest Contributor
May 17, 2012

By Martin Coyle

LONDON/NEW YORK, May 17 (Thomson Reuters Accelus) – Counter-money laundering officials have welcomed a London High Court decision that saw wealthy Zimbabwean businessman Jayesh Shah fail in his $300 million claim against HSBC Private Bank. Yesterday’s judgment is a relief to financial businesses  who feared the impact of a Shah victory on overhauling their processes for suspicious activity reporting.

Squeeze on money-transfers to Somalia requires new vigilance by U.S. banks

By Guest Contributor
January 27, 2012

By Brett Wolf

ST. LOUIS/NEW YORK, Jan. 27 (Thomson Reuters Accelus) – Somalis and Somali-Americans in Minneapolis, Minnesota are struggling to send money to their families now that the small, ethnic-based, money-remittance firms they relied on are no longer operating. Banks are no longer willing to process their transactions;  they worry that such transactions involving “hawala” transfer agents, commonly known as “hawaladars,” will cause the banks to run afoul of U.S.  sanctions and laws against money laundering and terrorism financing.