Al Rayan Bank pays £4m in UK for C/EDD, cash control faults

Al Rayan Bank PLC - Birmingham UK-headquartered subsidiary of Masraf Al Rayan Q.S.C, a Qatar-based Islamic bank, has been fined UK£4,023,600 by the UK Financial Conduct Authority (FCA) for breaching Principle 3 in the area of anti-money laundering risk-sensitive policies and procedures between 1 April 2015 and 30 November 2017.

Al Rayan Bank PLC (ARB) - Birmingham UK-headquartered subsidiary of Masraf Al Rayan Q.S.C, a Qatar-based Islamic bank, has been fined UK£4,023,600 [1] by the UK Financial Conduct Authority (FCA) for breaching Principle 3 [2] in the area of anti-money laundering risk-sensitive policies and procedures between 1 April 2015 and 30 November 2017.