Bank of Beirut & approved persons pay for remediation falsehoods

Bank of Beirut (UK) Ltd has been fined £2,100,000 by the UK Financial Conduct Authority (FCA) for failing to correct deficiencies in its financial crime controls within set deadlines and repeatedly lying to the regulator about progress on remediation. [1] The FCA has also ordered the bank to stop taking on customers from high-risk jurisdictions for a period of 126 days from 4 March 2015.