Arab Bank Group, the Jordanian financial firm with a sizeable private client businss mostly basd in Switzerland, has been fined $24 million ...

Arab Bank Group, the Jordanian financial firm with a sizeable private client businss mostly basd in Switzerland, has been fined $24 million by US banking regulators for alleged failures in following US anti-money laundering laws.

The Office of the Comptroller of the Currency and the Treasury Department's Financial Crimes Enforcement Network each assessed the bank's New York branch with a $24 million civil penalty that will be satisfied with a single payment.

"It is vitally important that banks have effective anti-money laundering programs in place to ensure that the financial system is not used to facilitate terrorism or criminal activity," said Comptroller of the Currency John Dugan in a statement.