Abu Dhabi's FAB rejects Qatari financial regulator's allegations

A statement from First Abu Dhabi Bank said that the allegations are 'entirely false'
Abu Dhabi's FAB rejects Qatari financial regulator's allegations
Despite the allegations, the bank’s statement said that FAB made “good faith efforts” to engage with QFCRA to resolve the matter.
By Staff writer
Mon 26 Aug 2019 10:29 AM

First Abu Dhabi Bank has rejected allegations by the Qatar Financial Centre Regulatory Authority (QFCRA) that its branch in the Qatar Financial Centre had failed to provide adequate financial disclosures, the bank said in a statement on Sunday.

In the statement, FAB said that the allegations from the QFCRA are “entirely false” and that the bank “unequivocally denies them.”

“It is not coincidental that the actions of the QFCRA take place at the time that the United Arab Emirates, along with several other countries, have ended their diplomatic relations with the state of Qatar,” the statement said.

“FAB conducts its business in accordance with the highest professional standards and in full compliance with the laws and regulations of all the jurisdictions in which it operates,” the statement added.

Despite the allegations, the bank’s statement said that FAB made “good faith efforts” to engage with QFCRA to resolve the matter, and that FAB’s branch provided all the relevant information it was required to disclose according to QFC law.

“Any allegations that FAB’s QFC branch failed to provide appropriate disclosures are false,” the statement said.

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