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Report: UK-based Al Rayan Bank probed by FCA over money laundering concerns

The U.K. Financial Conduct Authority is investigating Qatari-owned U.K. lender Al Rayan Bank PLC over money laundering concerns, The Times of London reported.

The bank has agreed to place temporary restrictions on new deposit accounts for certain individuals after discussions with the regulator. The newspaper had earlier reported that some of the bank's clients have connections with hard-line Islamists.

The probe by the regulator on the British bank, which offers Shariah-compliant banking services to more than 85,000 customers, was supposedly launched in 2018, the report noted.