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07 December 2018
Fai Hung Cheung Three strikes and you're out – bank's duty to make inquiries of suspicious transactions

United Kingdom - Allen & Overy LLP

A first-instance court recently considered the extent to which a bank's duty of care owed to its customers, co-existing in contract and tort, requires the bank to make inquiries of suspicious transactions in their bank accounts. The court found in favour of the bank on the basis of expiry of the relevant limitation period. This article focuses on the court's discussion, by way of obiter, of the bank's duty of care owed to its customers where suspicious transactions occur.

Authors: Fai Hung Cheung, Matt Bower, Simon Clarke, Stuart Rau
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Michael E Borden US election results: five key matters for financial services industry

USA - Sidley Austin LLP

In the recent election, the Democrats captured a majority in the House of Representatives and Representative Maxine Waters (D-Calif) is now in line to lead the House Financial Services Committee. As such, it is expected that a significant shift in legislative efforts relating to the financial services industry will occur. During the first Financial Services Committee hearing since the election, Waters announced that deregulation efforts are finished.

Authors: Michael E Borden, William S Reardon
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