Wise - Ben Delo SAR's

[wellington]

https://www.law360.com/fintech/arti...der-sues-wise-for-suspicious-activity-reports
Interesting case hit the docket.

Makes you wonder how Wise does SAR's for non resident British Citizens (Ben Delo) for example, who'd they'd file that with.

Last edited: Feb 11, 2022

 

[Sols]

SARs are filed with the local regulator (where the license is held), regardless of where the suspicious activity took place.

This will probably get thrown out. IIRC, there's been precedence that AML and KYC laws override GDPR if there's a conflict.

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This is the probably the answer to your question.

 

[JohnnyDoe]

It's refreshing to see that someone is trying to expose the fraudulent operations of Wise.

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[Martin Everson]

Hummmm...will be an interesting case. As we know EU law was transposed into UK law as part of brexit. If the case has merit and he gets access to SARS then expect a raft of other legal cases over undisclosed reasons for account closures.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[ShillGates]

I didnt read the article but customer is allowed acces sanyway , since the SAR needs to be disclosed after 14 days, in order for the NCA to decide to take action or not. Obviously 99.9% of the sars never get response, but you should still be able to get it, subject to legal wrangle. I think it will just be a matter of time when there actually will be someone these banks piss off who is rich enough not to give a f*ck and take them to the cleaners.

Its unbelievable banks can submit SAR reports as they see fit, and share with anyeon they want apart with the subject himself....

https://www.allenovery.com/en-gb/gl...-to-see-his-banks-suspicious-activity-reports

 

[uplana]

For the very stupid people around what is SARS ?

thought it was a disease😕

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[ShillGates]

its in the title of link.... you do the maths 😉

 

[CaptK]

uplana said:
For the very stupid people around what is SARS ?

thought it was a disease😕
Click to expand...

Suspicious Activity Report

 

[Martin Everson]

OffMyBack said:
I didnt read the article but customer is allowed acces sanyway , since the SAR needs to be disclosed after 14 days, in order for the NCA to decide to take action or not.
Click to expand...

Good to know...but article says:

"This was a summary judgment/strike out application, so is of limited precedent value. The case has settled, so we will not see the issues that arose fully resolved. We are not expecting this decision to cause a rush by customers to bring claims of this sort against banks:

”“ The English courts have historically provided banks with considerable protection and discretion relating to SARs due to the fact that banks are merely seeking to help law enforcement and avoid criminal liability. The courts would not want to encourage civil claims of this sort."

😕

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[jafo]

OffMyBack said:
Its unbelievable banks can submit SAR reports as they see fit, and share with anyeon they want apart with the subject himself....

https://www.allenovery.com/en-gb/gl...-to-see-his-banks-suspicious-activity-reports
Click to expand...

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The barrister and the solicitor:
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Quentin Tannock (instructed by Dentons UK and Middle East LLP) for the Defendant"