UK INVESTIGATES QATAR-OWNED AL RAYAN BANK OVER MONEY LAUNDERING CONTROLS

The Times and others on 22nd August reported that the probe into Al Rayan by FCA was launched last year and earlier this year the bank has been restricted on who it can open deposit accounts for.  The bank’s annual report says that its “anti-money laundering (AML) processes and controls have been placed under formal review by the Financial Conduct Authority, which has led to ongoing investment in enhanced AML processes”.  It is said that the investigation began after it was reported the bank was providing financial services to numerous organisations linked to Islamist groups, with account including groups linked to the Muslim Brotherhood, groups that promote hard-line preachers and a mosque whose trustee is a Hamas leader.  The bank, based in in Birmingham is the UK’s largest and oldest Islamic bank. It is 70% by Qatar’s Masraf Al Rayan and 30% by Qatar Holding.

http://www.arabnews.com/node/1543976/middle-east

https://www.thetimes.co.uk/article/al-rayan-bank-investigated-over-money-laundering-controls-w3pc5d08r

This blog is primarily for my own use, to keep informed and up to date. However, if you would like to say thank you (and perhaps help me get a new, better laptop when I am away…) you can “buy me a coffee” at https://www.buymeacoffee.com/KoIvM842y

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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