Fx Remittance

A bank must provide an effective warning tailored to the specific scam risk before relying on the CRM Code exception to deny reimbursement to an APP scam victim.

Firms must provide effective support to customers to enable proper use of banking products and services, and should recognise when standard processes are failing and explore alternative solutions.

A financial institution must handle fraud cases promptly and not impose unreasonable procedural barriers that prevent a victim from accessing their legitimate funds and resolving fraudulent activity.

A financial institution must clearly explain to customers why their requests have not been processed and the specific requirements that need to be met.

Authorized payments are the customer's liability in the first instance under the Payment Services Regulations, and banks must balance fraud prevention with minimal disruption to legitimate transactions.

A bank must process authorised payments but may take proportionate additional steps to protect customers from fraud; however, liability requires both that intervention should have occurred and that it would have prevented the loss (causatio