UAE Bank Charged with Allowing Anonymous Client Cash Withdrawals of Over 1 Million

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The Royal Court in Jersey has imposed a GBP £500,000 fine on the local branch of Abu Dhabi Commercial Bank “for neglecting to enforce appropriate anti-money laundering regulations”, the Jersey court heard. The bank acknowledged that it was wrong to allow two of its Middle Eastern clients to withdraw large amounts of cash, (some withdrawals exceeding hundreds of thousands of dollars at a time) over the counter in the United Arab Emirates, without the bank recording what the clients were doing with the money.

In total, they withdrew USD $1.2 million over the five years from 2013 to 2018, although it is not apparent whether either of the clients were definitely engaging in criminal activities or organised crime.