FCA Probes Qatari Bank Over AML Worries

Law360, London (August 23, 2019, 4:26 PM BST) -- The Financial Conduct Authority is investigating whether a Qatari-owned British bank complied with anti-money laundering rules amid reports the lenders' clients may have ties to extremist organizations, the company said Friday.

Al Rayan Bank, which is indirectly owned by Qatar-based Masraf Al Rayan (MAR) QSC, has also placed short-term restrictions on the bank accounts of certain individuals whom it deems "high-risk" or "politically exposed" following talks with the City watchdog earlier this year, the company said in a statement. The freeze does not affect the bank's other business.

"AML is an ongoing challenge for all banks and Al Rayan Bank is fully...

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