Doha Bank branch to pay $5 mln to settle US charges
WASHINGTON, April 21 (Reuters) – Doha Bank’s DOBK.QA New York branch has agreed to pay $5 million to settle charges by U.S. regulators that it did not adequately monitor suspicious activities related to fund transfers and other draft services, the Office of the Comptroller of the Currency said on Tuesday.
The OCC and the Financial Crimes Enforcement Network said the Doha Bank branch did not have adequate controls in place to manage the risk of money laundering and other suspicious activity.
“It is critically important that institutions have effective systems in place to identify and report suspicious transactions in a timely manner, especially with regard to higher-risk products and services,” Comptroller John Dugan said.
Categories: Banking and Compliance