UK:
UK Regulator Imposes Fines And Ban On Bank Of Beirut (UK) Ltd
26 March 2015
Shearman & Sterling LLP
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On March 4, 2015, the FCA imposed a fine of £2.1 million
on Bank of Beirut (UK) Ltd for repeatedly providing misleading
information to the FCA on the bank's financial crime systems
and controls. The FCA also banned the bank from securing new
customers from high-risk jurisdictions for 126 days, and imposed
fines on the bank's internal auditor and former compliance
officer of £9,600 and £19,600 respectively for failing
to deal with the FCA in an open and cooperative way when asked
about steps taken by the bank to mitigate the risk of financial
crime. The bank also provided the FCA with false assurances on the
improvements made to its processes.
The FCA's final notices are available at: http://www.fca.org.uk/news/the-financial-conduct-authority-imposes-2-1m-fine-and-places-restriction-on-bank-of-beirut.
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