"The Financial Conduct Authority of Britain said on Thursday that it had fined the Bank of Beirut and temporarily banned it from signing up new clients in high-risk locations after the lender misled regulators about efforts to prevent money laundering and other financial crimes.
The regulator said the Bank of Beirut repeatedly gave misleading information about the progress of efforts to address concerns about the lender’s financial crime identification systems and controls.
The bank, which operates in Australia, Britain, Cyprus, Germany, Lebanon and Oman, was fined 2.1 million pounds, or about $3.2 million, and was banned from acquiring new clients for 126 days in places considered to be at high risk for financial crime.
A former compliance officer at the bank and an internal auditor were also fined a combined £29,500, the regulator said."
Read more>>
