US authorities fine Arab Bank
The New York branch of the Jordan-based Arab Bank was find by US authorities for failing to implement anti-money laundering systems and controls.
"The U.S. Department of the Treasury's Financial Crimes Enforcement Network and the Office of the Comptroller of the Currency today imposed a $24 million civil penalty on the New York branch of Arab Bank, plc, for systemic Bank Secrecy Act failures," an official statement said on Wednesday.
"The Bank Secrecy Act requires financial institutions doing business in the Unites States to implement robust anti-money laundering systems and controls tailored to their operations and the risks associated with them. Such regimes are critical to protecting our financial system from the abuses of money laundering and terrorist financing.
"Financial institutions are critical partners in our efforts to ensure the integrity of the global financial system. Today's action reflects the Department of the Treasury's resolve to ensure that this partnership is effective."
Arab Bank operates in 30 countries worldwide with assets of about $27 billion.
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- Israel off list of non-cooperative countries in fight against money laundering
- UAE calls for international cooperation to halt terror financing