Qatar Islamic Bank's UK unit fined nearly $2m
LONDON, April 8, 2016
The Bank of England said that it had fined QIB (UK), a subsidiary of Qatar Islamic Bank, for failings in reporting its financial resources to the regulator in 2011 and 2012.
The bank's Prudential Regulatory Authority (PRA) imposed a fine of £1.385 million ($1.95 million) for failing to undertake a regular assessment of its capital as it was required to do so, the BoE said in a statement.
"In failing to assess, maintain and report on its financial resources for over a year, QIB failed to meet some of the most basic regulatory standards," said Andrew Bailey, chief executive of the PRA. - Reuters
