Arab Bank fined in US
WASHINGTON, DC – US regulators issued a substantial fine in August against Arab Bank for allegedly failing to implement money laundering controls properly. The fine, $24 million, is nearly as large as the $25 million that was assessed against Riggs Bank, a bank that was shut last year for its AML failures.
Arab Bank, with about $27 billion in assets, is based in Jordan but is the largest bank operating in the Palestinian territories, according to news reports. It has been sued several times on behalf of relatives of US citizens killed or injured in Middle East violence, who have accused the bank of helping move money to families of suicide bombers.
The Financial Crimes Enforcement Network and the
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