Keith Flanagan Presented Paper at National Bond Claims Association Annual Meeting in Pinehurst, NC
October 11, 2006 - October 13, 2006
Chicago associate Keith Flanagan presented a paper, "Just Because Its Laundered, Doesn't Mean Its Clean: Bank Liability for Money Laundering and Fraudulent Wire Transfers," at this year's National Bond Claims Association Annual Meeting. The conference, attended by close to 200 insurance company representatives, attorneys and consultants, was held from October 11 - 13, 2006 in Pinehurst, North Carolina.
Keith's paper and presentation included an analysis of bank liability for money laundering and fraudulent wire transfers under the Money Laudering Control Act of 1986, Article 4A of the Uniform Commercial Code, as well as under federal transaction reporting and recordkeeping regulations, and under various common law theories of liability. The presentation also addressed how fidelity insurers can use this information both in handling claims brought by their insureds, and when pursuing subrogation against banks for their roles in such transactions.
