FCA fines Al Rayan Bank £4m for 'egregious' AML failures 

Mark Battersby
clock • 2 min read

The UK's Financial Conduct Authority has fined London-based Al Rayan Bank (Al Rayan) £4,023,600 for failing to put in place adequate anti-money laundering controls.   Al Rayan Bank is a subsidiary of Al Rayan UK Limited and a majority owned subsidiary of Masraf Al Rayan Q.P.S.C, one of Qatar's largest banks. Established in 2004, Al Rayan Bank offers Sharia compliant financial products. Between 1 April 2015 and 30 November 2017, Al Rayan allowed money to pass through the bank and be used within the UK without carrying out appropriate checks. The firm failed to adequately check its cust...

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