No Damages For MSB Over Severed Bank Accounts, UK Court Rules

A foreign exchange and payment service provider has lost its bid to claim damages from Royal Bank of Scotland (RBS), after the UK lender terminated its business accounts on suspicion they were tainted with the proceeds of investment scams.

A High Court judge ruled this week that RBS acted properly in October 2015 when it froze not only several sub-accounts containing fraudulently obtained funds, but also abruptly shut down the main accounts it held on behalf of the money service business (MSB).

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