Bank Audi Slams Reports on Money Laundering

Chairman of the Board of Directors and General Manager of Bank Audi Raymond Audi strongly slammed media reports claiming that the Islamic State of Iraq and the Levant (ISIL) is using the bank's branches abroad to channel funds in favor of the organization.

“Reports published in al-Akhbar daily on Thursday and attributed to American and Lebanese banking sources involved in a meeting between U.S. Assistant Secretary of the Treasury for Terrorist Financing Daniel Glaser and the Board of Directors of the Association of Banks in Lebanon, are completely unfounded,” said Audi in a clarification letter to al-Akhbar newspaper.

“The reports are baseless particularly the allegations related to Bank Audi in Turkey which was not mentioned in the said meeting at all. The Turkish authorities have not asked the bank for any special procedure in relation to fighting money laundry or financing terrorism because our bank is committed to international and local laws applicable in this regard,” added Audi.

Al-Akhbar daily published on Thursday a report claiming that the branches of the Lebanese banks abroad, in particular Bank Audi SAL–Audi Saradar Group, are reportedly being used by the ISIL to fund the organization.

“Bank Audi and all its subsidiaries in Lebanon and other countries are committed to the bank standards, and fully complies with international regulations and local laws applicable in each country of the diaspora,” added Audi in his statement.

“Fighting money laundering and financing terrorism is an integral part of the bank's policy in Lebanon and abroad where our bank is subject to the control of the central banks and the concerned regulatory bodies,” the statement concluded.



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