AML fraud

FCA penalises Al Rayan Bank over AML failures

12th January 2023 Consumer Lending | #AML fraud

Qatari-owned Al Rayan Bank has been fined £4.02 million (£4,023,600) by the Financial Conduct Authority (FCA), which uncovered multiple failings between April 2015 and November 2017. The Knightsbridge branch of the Shariah-compliant bank accepted cash deposits of hundreds of thousands of pounds without doing proper anti-money-laundering (AML) and terrorist financing checks. It failed to carry…

Warning that criminal gangs will thrive until regulated firms take action

21st December 2022 Consumer Lending | #AML fraud

Criminal gangs will continue to launder money in the UK as long as regulated firms insist on trusting manual verification checks, an anti-money laundering specialist SmartSearch has warned. A cross-sector survey of 500 UK-based decision-makers revealed that regulated firms in the North West, North East, and East of England rely most on manual checks to…

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AML fraud

FCA penalises Al Rayan Bank over AML failures

Warning that criminal gangs will thrive until regulated firms take action

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