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[size=36]Qatar fines Abu Dhabi's First Bank[/size]
Economy | 08:48 - 26/08/2019
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Abu Dhabi's First Abu Dhabi Bank has been fined 200 million riyals ($ 54.9 million) for obstructing an investigation into suspected currency manipulation, the regulator said on Sunday.
The Authority said in a statement that it had launched an investigation in March 2018 on "suspicion that the First Abu Dhabi Bank had manipulated Qatari Riyals, Qatari government securities and related financial instruments."
She added that this fine reflects the seriousness and seriousness of the breaches of the regulatory requirements arising from the deliberate and deliberate steps taken by the Bank to obstruct the investigation.
The statement pointed out that the disciplinary action taken by the Regulatory Authority came because the first Abu Dhabi Bank - for a long time - did not open to the Regulatory Authority and did not cooperate with them in the requirements of the investigation.
The Commission confirmed that it will continue the ongoing investigation process, despite the obstruction of this investigation by the Bank and did not show a willingness to cooperate to date.
It noted that it may take further disciplinary action in the future if it is found necessary to do so because of the results of the investigation into the process of market manipulation.
In June, the TRA banned the UAE bank from accepting and conducting any new business or providing additional services to existing branch customers. It also prevented the branch in March from engaging in any activities for its new customers.
Last year, Qatar asked US regulators to investigate the first US unit of Abu Dhabi, accusing it of concluding “fake” foreign exchange deals with the aim of damaging Qatar's economy.
The Authority said in a statement that it had launched an investigation in March 2018 on "suspicion that the First Abu Dhabi Bank had manipulated Qatari Riyals, Qatari government securities and related financial instruments."
She added that this fine reflects the seriousness and seriousness of the breaches of the regulatory requirements arising from the deliberate and deliberate steps taken by the Bank to obstruct the investigation.
The statement pointed out that the disciplinary action taken by the Regulatory Authority came because the first Abu Dhabi Bank - for a long time - did not open to the Regulatory Authority and did not cooperate with them in the requirements of the investigation.
The Commission confirmed that it will continue the ongoing investigation process, despite the obstruction of this investigation by the Bank and did not show a willingness to cooperate to date.
It noted that it may take further disciplinary action in the future if it is found necessary to do so because of the results of the investigation into the process of market manipulation.
In June, the TRA banned the UAE bank from accepting and conducting any new business or providing additional services to existing branch customers. It also prevented the branch in March from engaging in any activities for its new customers.
Last year, Qatar asked US regulators to investigate the first US unit of Abu Dhabi, accusing it of concluding “fake” foreign exchange deals with the aim of damaging Qatar's economy.
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