Qatari regulatory authority closes First Abu Dhabi Bank to new customers

Source: Xinhua| 2019-03-17 23:19:03|Editor: Mu Xuequan
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DOHA, March 17 (Xinhua) -- Qatar Financial Center (QFC), the regulatory authority, issued on Sunday a supervisory notice against the First Abu Dhabi Bank (FAB), prohibiting services for new customers in Doha, amid a probe over alleged currency manipulation.

The QFC took the decision due to FAB's failure to satisfy its fitness and property in respect of its conduct in the QFC, a statement by the authority said.

"FAB has failed to comply with an order QFC Civil and Commercial Court to produce an affidavit demonstrating its preservation of documents relevant to an ongoing regulatory investigation into potential manipulation of the Qatari Riyal," QFC added.

CEO of the regulatory authority Michael Ryan said that "it is the role of the regulatory authority to protect customers and potential customers of the QFC and to ensure that authorised firms meet, and continue to meet the required standard."

The supervisory notice does not prohibit FAB from continuing to provide services to its existing customers and the regulatory authority does not expect notice to have any negative impact on those relationships, the statement added.

Saudi Arabia, the United Arab Emirates (UAE), Bahrain and Egypt accuse Qatar of supporting terrorism, which is denied by Doha.