Bank fined £4m after internal audit on financial crime scrapped for eight years

A Birmingham-based bank has been fined just over £4 million after it accepted more than 1,100 'in person' cash deposits of more than £10,000 without instituting working AML controls.

By Neasa MacErlean

The Al Rayan Bank, part of a Qatar-based group, had not carried out an internal audit of its Financial Crime Unit in eight years. And the problems were only exposed after the FCA visited the bank and its ten UK branches.