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One day after assessing a £7.6 million penalty against Nigeria's Guaranty Trust Bank for violating anti-money laundering rules, the U.K. Financial Conduct Authority fined the local subsidiary of a Qatari lender £4 million Wednesday following a string of similar breaches. In a 68-page notice, the FCA disclosed that from April 2015 to November 2017, Al Rayan Bank, formerly known as the Islamic Bank of Britain, failed to identify and manage the financial crime-related threats posed by high-risk clients, including charities and several politically connected Qatari property moguls who regularly sent funds to the Middle East. Al Rayan, the Birmingham-based subsidiary...