Monday, August 22, 2005

BUT THEY DO GIVE FREE CHECKING....

Arab Bank Fined $24M for Funding Palestinian Terror (AP/Forbes)
Arab Bank PLC, one of the largest financial institutions in the Middle East, is paying a $24 million civil fine for inadequate controls against money laundering at its New York branch, the Office of the U.S. Comptroller of the Currency announced Wednesday. Families of 40 U.S. citizens killed in terrorist attacks in Israel sued Arab Bank in federal court in New York City last year, accusing it of channeling money to Palestinian terrorist groups and of making insurance payments to beneficiaries of suicide bombers.

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