|
|
Article: U.S. regulators find deficiencies at Arab Bank's New York branch; bank agrees to order
- Article from:
- AP Worldstream
- Article date:
- February 25, 2005
- Author:
CopyrightProvided by ProQuest LLC. (Hide copyright information)
|
MARCY GORDON, AP Business Writer
AP Worldstream
02-25-2005
Dateline: WASHINGTON
U.S. regulators said Friday that Jordan-based Arab Bank Plc, one of the largest financial institutions in the Middle East, has inadequate controls against money laundering at its New York branch and ordered it to stop transferring funds or opening new accounts there.
In an unusual move, the Office of the U.S. Comptroller of the Currency, a Treasury Department agency, said the branch is being converted into an entity that will not conduct traditional banking activities but will continue to engage in corporate and trade financing.
The Arab Bank, with operations in 30 countries, faces several lawsuits in the United ...