NEWS: UK watchdog fines Al Rayan bank over money laundering control failures

news:-uk-watchdog-fines-al-rayan-bank-over-money-laundering-control-failures


Britain’s financial watchdog said today (Wednesday) it had fined Al Rayan Bank plc Stg£4 million pounds ($4.85 million) for failing to put in place adequate controls to prevent money laundering.

“Al Rayan was aware of these weaknesses and failed to implement effective changes to fix them, despite the FCA raising concerns about the inadequacies of their systems,” the Financial Conduct Authority (FCA) said in a statement.

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The post NEWS: UK watchdog fines Al Rayan bank over money laundering control failures appeared first on AML Intelligence.

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