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Article: Deficiencies Found at Arab Bank Branch

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AP Online
Article date:
February 25, 2005
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AP Online
02-25-2005
Dateline: WASHINGTON
U.S. regulators said Friday they had found deficiencies in controls against money laundering at the New York branch of Jordan-based Arab Bank PLC, which was ordered to boost the branch's capital and stop transferring funds or opening new accounts as it is being gradually closed.

The Palestinian-owned Arab Bank, one of the largest in the Middle East with operations in 30 countries, faces several lawsuits in the United States by relatives of terrorism victims in Israel who allege it supported terrorism by funneling donations to Palestinian suicide bombers and their families.

The bank agreed to the conditions in a consent order with the Office of the ...

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