HSBC Ignored Red Flags On Accounts Amid Theft, BMW Says

Law360, London (August 14, 2019, 3:13 PM BST) -- HSBC’s anti-money laundering system was triggered 19 times by account activity from a former senior manager at BMW who stole from a U.K. plant, but the bank still allowed money to flow in and out of his accounts, a unit of the car-maker has alleged.

BMW Hams Hall Motoren GmbH has bolstered its original complaint against HSBC Bank PLC, filed in October, providing details about large transactions from the former employee that were reviewed by bank staff but were not stopped. Judge Nigel Teare signed off the amended particulars of claim filed at the High Court in London on Monday.

“HSBC’s failure...

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