First Abu Dhabi Bank is Fined by QFCRA as it Winds Down Branch in QFC

Posted on 08/25/2019


The Qatar Financial Center Regulatory Authority (QFCRA) issued a US$ 55 million fine to First Abu Dhabi Bank (FAB) for allegedly obstructing a probe into suspected market manipulation. First Abu Dhabi Bank issued a notice rebutting the allegations by the QFCRA and Qatar Financial Center courts. First Abu Dhabi Bank is seeking to resolve the matter. On June 19, 2019, First Abu Dhabi Bank informed QFCRA that it would give up its QFC branch license and exit operations there.