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UK watchdog fines Al Rayan bank over money laundering control failures

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Published Wed, Jan 11, 2023 · 07:04 PM
    • “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.
    • “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. PHOTO: REUTERS

    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

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