J.P. Morgan to Saudi banksters: buh-bye!

The relationship with Saudi Arabia’s biggest publicly traded bank ended Dec. 31 because JPMorgan couldn’t get enough information on where payments in dollar-clearing services for Al-Rajhi had originated, said one of the people, who requested anonymity because the decision wasn’t public.

Money Jihad

Fed up with a lack of transparency and flimsy know-your-customer policies, J.P. Morgan has severed ties with the Saudi-based Al Rajhi bank.  The sharia bank, whose founder was named in the Golden Chain list of Al Qaeda benefactors, has provided financial services for East Africa embassy bomber Mamduh Mahmud Salim, Al Qaeda leader Ayman al-Zawahiri, and dangerous Wahhabi organizations like Indonesian Kompak and the Al-Haramain foundation.

Thanks to Sal for sending this over from Bloomberg:

JPMorgan Said Cut Tie to Saudi Bank Amid Focus on Control

JPMorgan Chase & Co. (JPM) dropped Al-Rajhi Bank, the world’s largest Shariah-compliant lender, as a correspondent banking client amid a push to improve risk controls, said two people with direct knowledge of the move.

The relationship with Saudi Arabia’s biggest publicly traded bank ended Dec. 31 because JPMorgan couldn’t get enough information on where payments in dollar-clearing services for Al-Rajhi had originated, said…

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