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First Abu Dhabi Bank ordered to stop new business at Qatar financial center

The Qatar Financial Center Regulatory Authority ordered First Abu Dhabi Bank PJSC to stop business services for new customers at its branch in the center for failing to comply with required regulatory standards.

The regulator said the bank is not fit for services to new customers at the financial center branch as it did not follow a court order relating to an ongoing probe.

In March 2018, Qatar asked U.S. authorities to investigate the bank's NBAD Americas unit on suspicion of manipulating the Qatari riyal amid a standoff between Qatar and a group of Arab states, including the United Arab Emirates. The bank failed to produce an affidavit showcasing preservation of documents at the bank relevant to the investigation, the regulator said.

The bank has not been restricted from serving its existing customers.