TITLE

Arab Bank's $24 Million Lesson: Your Clients' Clients are Yours, Too

AUTHOR(S)
Krebsbach, Karen
PUB. DATE
October 2005
SOURCE
U.S. Banker;Oct2005, Vol. 115 Issue 10, p14
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
Reports that the New York City branch of Arab Bank has agreed to pay a $24 million fine for its systemic failure to follow Bank Secrecy Act anti-money-laundering rules in the United States. Increase of attention on a bank's intermediary role and responsibility to monitor transactions of correspondent banks or affiliates.
ACCESSION #
18482753

 

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