Bank fined £500,000 for breaching counter-terror and money-laundering regulations

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Abu Dhabi Commercial Bank PJSC Jersey Branch has been fines £475,000 and instructed to pay £25,000 after the back pleaded guilty to the violation of regulations after two customers withdrew a large sum of money for its UAE branch. This is happening again since 2005, where a corporate offender will be convicted for violating the anti-money laundering law under the Proceeds of Crime (Jersey) law 1999. The Royal Court has imposed the fine on the offence that the bank failed in putting in place correct measures which led to the withdrawal of hundreds of thousands of dollars.

According to a spokesman from the Law Officers’Department, it was not confirmed that the customers involved in criminal activity, the bank was only convicted because of the deficiencies in its compliance with anti-money laundering law.