Rejection of Tort Liability for Breach of Due Diligence Obligations under the Money Laundering Act

Facts

Company X. SA, domiciled in Montevideo (Uruguay), filed a complaint against bank [Y. AG], located in Zurich, to establish its tort liability. X. SA alleges that [Y. AG] did not comply with its due diligence obligations in the context of the relationship with client [B.], who transferred a sum of USD 4 million from X. SA's account at bank C. in Montevideo to his own account at Y. AG. X. SA considers B.'s conduct to be misappropriation of funds and reproaches [Y. AG] for allowing [B.] to withdraw approximately half of this sum despite numerous indications of money laundering or suspicions of the criminal origin of the funds.

Considerations

The SCC dismisses X. SA's appeal. It considers that the provisions of the AMLA are not intended to protect individual financial interests, but rather to preserve the integrity of the Swiss financial center. Although the failure to comply with the due diligence obligations under the AMLA may result in the banker's criminal liability for money laundering, this is not sufficient to establish tort liability…