The FCA has fined Al Rayan Bank £4,023,600 for failing to put in place adequate anti-money laundering (AML) controls.

This sum is a 30 percent discount on the initial penalty of £5,748,000. All Rayan Bank qualified for the discount because it accepted the findings and agreed to settle. 

Between 1 April 2015 and 30 November 2017, Al Rayan Bank allowed money to pass through the bank and be used within the UK without carrying out appropriate checks, the FCA f...