29 Apr 2020
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fined £475,000 and ordered to pay costs of £25,000, after the Royal Court heard the case related to $1.2m dollars being withdrawn between 2013 and 2018.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.
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.
Read more at Jersey Evening Post
RiskScreen: Eliminating Financial Crime with Smart Technology
Advance your CPD minutes for this content, by signing up and using the CPD WalletFREE CPD Wallet