FCA fines Al Rayan Bank nearly $5M for AML failings
By 
Neil Hodge2023-01-11T21:45:00
The U.K.’s financial regulator fined Al Rayan Bank more than 4 million pounds (U.S. $4.9 million) for its lack of adequate anti-money laundering controls.
Between April 2015 and November 2017, Al Rayan—a subsidiary of Masraf Al Rayan, a Qatar-based Islamic bank—allowed money to pass through the bank without adequately checking customers’ source of wealth or source of funds—two basic requirements to ensure money is not connected to financial crime.
The Financial Conduct Authority (FCA) also found an increased possibility of money laundering and financial crime risk because staff were not properly trained about the risks associated with accepting large deposits.
THIS IS MEMBERS-ONLY CONTENT
You are not logged in and do not have access to members-only content.
If you are already a registered user or a member, SIGN IN now.
Related articles
-
News BriefAmigo Loans dodges $89M fine over IT system lending lapses
Amigo Loans faced a penalty of £72.9 million (U.S. $88.7 million) after the U.K. Financial Conduct Authority found it used automated decision-making to drive sales over ensuring whether customers posed credit risks.
-
ArticleU.K. sets out strategy to combat bribery and corruption
The U.K. is introducing tougher safeguards and compliance checks in its latest drive to cut down on financial crime and stem the flow of dirty money that continues to be laundered by British businesses, facilitated by accountants and lawyers.
-
PremiumTop Ethics and Compliance Triumphs of 2025
This year’s compliance triumphs were all born out of compliance fails. In some cases, it was a regulator finding fault and demanding change. In others, acquiring companies noticed something a little fishy in their new acquisition. What formed a compliance triumph in every case wasn’t the mistake; it was the ...
More from Regulatory Enforcement
-
ArticleTariff evasion enforcement: The new FCPA
Companies that import goods into the United States will face heightened enforcement scrutiny for attempted acts of customs fraud, including tariff evasion, under the Trump administration. Thus, chief compliance officers and in-house counsel face a new kind of pressure to ensure they are mitigating risk in this area.
-
ArticleFormer COO of plastics importer faces up to five years for customs falsifications
The chief operating officer of a plastic resin importer has pleaded guilty to intentionally falsifying documents to avoid paying tariffs on goods from China, the Department of Justice (DOJ) announced.
-
ArticleCybercrime against banks and account holders takes hit from FBI
Federal investigators have announced progress in dismantling an online criminal operation that steals bank account information by mimicking legitimate bank websites.