Abu Dhabi Commercial
Bank PJSC, which is commonly known as ADCB, is shutting down its Jersey branch
after a full judgment released by the Royal Court. The bank will be
communicating with its customers and the stakeholders in due course. In a
statement, ADCB said this will have a negligible impact on its profitability.
Jersey based branch breached the AML/CFT compliance when its two customers withdrew
huge sums of cash at a branch in the United Arab Emirates.
ADCB was fined £475,000 and ordered to pay the cost of £25,000 after the Royal Court heard its case related to $1.2m being withdrawn during 2013-2018. The bank admitted that it failed to comply with AML/CFT regulations during the judgment.
The Royal Court stated if the regulations were not followed, it would impact the reputation of the Island as a Finance Center.
Source - Jersey Evening Post
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