Al Rayan Bank in Qatar has been fined £4 million ($4.84 million) by the UK’s finance watchdog after failing to carry out adequate checks on potential money laundering and the financing of terrorism.
The Financial Conduct Authority launched an investigation and discovered the bank had accepted £22.74 million in cash deposits on 1,133 occasions from 2015 to 2017.
They included 60 sums of more than £50,000, 16 of which exceeded £100,000 and…
