Author: Syedur Rahman 7 November 2019
Rahman Ravelli’s Legal Director Syed Rahman was asked by Law360 to comment in an article looking closely at the Daiwa ruling by the Supreme Court, in which the Japanese bank was ordered to pay damages of more than $150m for its “negligence” in failing to check a customer transaction.
Discussing the case Syed said: “The judgment raises the prospect of a much higher duty-of-care burden for financial institutions when it comes to dealing with corporate clients,” Rahman said. “It seems any reliance on compliance will not protect a bank if it fails to make the relevant inquiries or take the necessary steps when put on notice of a potential fraud on its customers.”
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Syedur Rahman is known for his in-depth experience of serious fraud, white-collar crime and serious crime cases, as well as his expertise in worldwide asset tracing and recovery, international arbitration, civil recovery, cryptocurrency and high-stakes commercial disputes.