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.
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