Tuesday 11 August 2020
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Bank admits money laundering detection failure

Bank admits money laundering detection failure

Monday 16 December 2019

Bank admits money laundering detection failure


A local bank will be sentenced next year after admitting failures in its due diligence procedures.

Abu Dhabi Commercial Bank PJSC Jersey Branch has admitted one count of breaching the Money Laundering Law.

A representative appeared in Royal Court on Friday, with the bank's lawyer entering a guilty plea on their behalf.

The offence the bank is charged with is "failing to maintain appropriate and consistent policies and procedures relating to customer due diligence measures in order to prevent and detect money laundering" in relation to two customers.

The offence happened between July 2013 and February 2019.

The bank will be sentenced on 5 February 2020.

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