Palestinian-managed Arab Bank Group was fined $24 million on Wednesday by U.S. banking regulators over its alleged failures to comply with U.S. anti-money laundering laws.
Arab bank, based in Jordan, did not admit wrongdoing, but in a statement called the amount “unreasonably high.” The U.S. Treasury Department’s Office of the Comptroller of the Currency (OCC) and Financial Crimes Enforcement Network (FinCEN) levied the civil fine.
The fine approaches the record $25 million civil penalty imposed against Riggs Bank in May 2004, also for alleged violations of the Bank Secrecy Act.
For this complete story, please visit Arab Bank Fined $24 million Over Laundering Controls.
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