Courts / Louth / Report
Business accused of involvement in alleged money laundering seeks to prevent bank from terminating relationship
Summary
Blue Diamond Sports Ltd, trading as Dundalk Bureau de Change, and its sister company Blue Diamond Sports No 2 Ltd have applied to the High Court for an injunction to stop the Bank of Ireland from terminating their banking relationship. The banks claim the firms are linked to money‑laundering activity and have therefore decided to close their accounts. Blue Diamond denies any wrongdoing, arguing that the bank's decision is discriminatory, disproportionate, lacks objectivity and is unlawful. The firm, which acts as an agent for Moneygram International Ltd, says it has been unable to secure alternative banking services and that the loss of its accounts would force it out of business. The application seeks declarations that the bank's withdrawal of services is unlawful, discriminatory, disproportionate and breaches EU payment‑services regulations.
Who, what, where, when and why
What: Report matter: Business accused of involvement in alleged money laundering seeks to prevent bank from terminating relationship. Procedural stage: hearing_or_decision
When:
- 2018-10-19 Publication
Why: Blue Diamond Sports Ltd trading as Dundalk Bureau de Change and a related firm, Blue Diamond Sports No 2 Ltd, say the bank wants to end their banking arrangements and close their accounts because of alleged links between the plaintiffs and money laundering. CNI source report
Places mentioned
Topics
Fraud Stage Hearing Or Decision
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