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N v S and the National Crime Agency

Lloyd's Law Reporter Financial Crime

N v S and the National Crime Agency

Suspected money laundering - Closure of bank accounts without notice - Arguable case for breach of contract - Mandatory injunction to re-open bank accounts - Interim declaration to protect bank against potential criminal liability - Proceeds of Crime Act 2002, Part 7

The claimant is an English company registered with the Financial Conduct Authority (FCA) as an authorised payment institution under the Payment Services Regulations 2009 (SI 2009 No 2475) and with HM Revenue & Customs (HMRC) under the Money Laundering Regulations 2007 (SI 2007) No 2157). It provided foreign exchange and payment services to its customers. It also supplied foreign exchange hedging services to corporate clients and investment funds, pre-paid cards for private clients' travel money and anti-money laundering services to funds and funds administrators. It had a full money laundering reporting and compliance team, and had not been the subject of any criticism or complaint by the relevant regulatory authorities.

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Devices

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