Masraf Al Rayan issues an explanatory statement regarding the fine imposed on Al Rayan Bank - United Kingdom


At Masraf Al Rayan Q.P.S.C. (the “Group”) we are aware of the news circulating in the market regarding the fine imposed on Al Rayan Bank - United Kingdom.
Al Rayan Bank - UK is a subsidiary of Masraf Al Rayan Q.P.S.C. It is an independent legal entity operating under the laws and regulations of the United Kingdom
The UK Financial Conduct Authority (FCA) has completed its review of historical weaknesses in the UK subsidiary's financial crime systems and controls dating back to 2015-2017.
All identified vulnerabilities were fully resolved with the support and assistance of external and independent subject matter experts
The Financial Conduct Authority did not find any evidence indicating the involvement of Al Rayan Bank - UK or its clients in money laundering activities or any criminal activity, and the officials in the current management of Al Rayan Bank - UK did not hold any senior management positions in the bank at the time.
We assure all our shareholders, customers and the honorable public that the fine does not have any material impact on the Group’s operations or its financial position.


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