FCA Probes Qatari Bank Over AML Worries

Law360, London (August 23, 2019, 4:26 PM BST) -- The Financial Conduct Authority is investigating whether a Qatari-owned British bank complied with anti-money laundering rules amid reports the lenders' clients may have ties to extremist organizations, the company said Friday.

Al Rayan Bank has also placed short-term restrictions on the bank accounts of certain individuals whom it deems "high-risk" or "politically exposed" following talks with the City watchdog earlier this year, a spokesperson for the lender told Law360. The freeze does not affect the bank's other business.

"AML is an ongoing challenge for all banks and Al Rayan Bank is fully committed to the fight against financial crime in all...

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