OFAC settlement with London based British Arab Commercial Bank

The London Based Bank British Arab Commercial Bank (BACB) agreed to a settlement with the Treasury Department Office of Foreign Assets Control (OFAC) of the USA.

The settlement come as part of the investigations regarding violations to Sudan sanctions by the bank and mentions a coordination with the UK regulator Financial Conduct Authority.

Is to be noted that the bank has no presence, offices, business or licence in the USA.



Jaime Prieto

Mr. Jaime Prieto is a lawyer experienced in Financial Crime, Anti-Money Laundering and Counter Terrorism Financing having extensive professional experience in both public and private sectors. Mr. Prieto has been a Head of Compliance in the European Union, the Americas and the Caribbean for banks, trust companies, asset managers, Big Four audit and advisory firms, RegTechs, government agencies and other types of financial professionals. In addition to his experience, he has been legal and educational chair in several compliance and sectorial organisations and performed as a teacher and speaker for a number of organisations and in several local and international forums. Furthermore, Mr. Prieto is an experienced Money Laundering Reporting Officer anda Data Protection officer with additional experience in risk management.
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