Sunday, April 18, 2021

Dubai bank PJSC Jersey branch shuts down after anti-money laundering fine

-

In February, Abu Dhabi Commercial Bank PJSC Jersey Branch admitted failing to comply with counter-terror and anti-money-laundering regulations relating to two customers who withdrew huge sums of cash at a branch in the United Arab Emirates.

It was fined £475,000 and ordered to pay costs of £25,000, after the Royal Court heard the case related to $1.2m dollars being withdrawn between 2013 and 2018.

Now a full judgment from the Royal Court has been released, saying the bank is closing down its businesses in Jersey.

- Advertisement -

The company admitted the breaches and, in the judgment, the court said that if the regulations were not followed it would impact on the Island’s reputation as a finance centre.

‘The importance of having effective consistent policies and procedures to combat money-laundering cannot be overstated,’ the judgment said.

‘It should be obvious that if a financial institution does not have those procedures, the fact that it is not as a direct result assisting the laundering of money is a matter more of luck than judgment.

‘The absence of such effective procedures means that money can, and inevitably at some point will, be laundered through the financial system.’

It added: ‘That will be injurious to this Island’s reputation as a finance centre with proper and effective standards of financial conduct and probity and would injuriously affect the finance industry, and hence the Island as a whole.’

- Advertisement -

Original article on Jeseryeveningpost

NEWSLETTER

Get our daily notification on the latest financial crimes news around the World

MUST READ

- Affiliate Products -

Advertisement
Advertisement

This Week

Enable Notifications    OK No thanks