UK watchdog fines Al Rayan bank over money laundering control failures
Add BT as a preferred source
BRITAIN’S financial watchdog said on Wednesday (Jan 11) it had fined Al Rayan Bank £4 million (S$6.5 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.
The bank did not dispute the findings and agreed to settle, thereby qualifying for a 30 per cent discount on the fine, which otherwise would have been £5.7 million, the FCA said. REUTERS
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
Share with us your feedback on BT's products and services
TRENDING NOW
Think twice about rebuilding that old landed property into a super-big house to max out GFA
SpaceX’s US$1.75 trillion IPO: How retail investors, including those in Singapore, can buy shares
Battle for Asia’s ultra-rich: ‘Singapore can’t afford to keep losing clients to Dubai, Hong Kong’
STI drops as much as 1.7% as Asia markets hit by tech sell-off
