Warning: Banks Need to Re-Examine KYC Risk Evaluation Procedures
A federal jury in New York recently handed down a verdict against the Arab Bank, Jordan’s largest bank, for funding Hamas terrorism acts against Israel. The verdict is precedent setting and will encourage other plaintiffs to challenge bank conduct that enables terrorism. The plaintiffs put on evidence that the Arab Bank conducted business with 150 Hamas leaders and operatives in the early 2000s, and helped...