A pair of civil complaints relying on a Colombian insurgent group's ties to Hezbollah could prompt a rise in similar lawsuits and related subpoenas sent to banks, according to legal experts.
The U.S. Court of Appeals for the Second Circuit will soon consider a lower court ruling that denied a claim made by terror victims against Iranian funds on the grounds they had been moved out of the United States.
In the first trial of its kind, a federal court said Monday that Arab Bank is liable for deaths caused by Hamas and a Saudi charity that used its accounts to reward terrorism.
The top U.S. court Monday rejected a petition by Arab Bank seeking to shield it from potential penalties for not turning over records to plaintiffs claiming the institution had terrorist clients.
In the strange and often obscure world of terrorist financing, an account's lack of transactional activity seems an unlikely red flag for anti-money laundering compliance officers.
The United Kingdom's Supreme Court decision in favor of Bank Mellat, Iran's largest private bank, will not weaken overall sanctions on Iran, U.K. legal and banking sources said.
A decision by the U.S. Second Circuit Court of Appeals affirming sanctions against Jordan's largest bank for not turning over data on suspicious accounts could leave some financial institutions with an unwanted choice, say attorneys.
A U.S. District Court judge's decision this week to allow a jury to assume that a Jordanian bank knowingly processed transactions funding suicide bombings could galvanize separate lawsuits targeting banks.
A federal court's dismissal of a two-year old lawsuit against five Lebanese banks for allegedly providing financial services to Hizbollah could impact lawsuits against other banks facing similar cases.
It can be difficult to get even the most basic information about customers and their businesses when compliance officers try to assess those customers' risks and determine what level of due diligence they require, according to bankers and consultants doing business in the Middle East.
The Treasury's Office of Foreign Assets Control said June 20 that U.S. companies can do business with the Palestinian Authority government headed by Prime Minister Salam Fayyad and President Mahmoud Abbas of the Fatah party. The U.S. had restricted certain financial transactions.
Families of suicide bombing victims say a U.S. judge's decision allowing a class-action lawsuit against a Middle Eastern bank sends a clear message that financial institutions can be held accountable for terrorist acts committed on foreign soil.
The New York branch of Arab Bank will pay a $24 million civil money penalty for failing to implement adequate money laundering and terrorist financing controls in relation to its funds clearing operations.