LONDON: The Bank of England said on Friday that it had fined QIB (UK) plc, a subsidiary of Qatar Islamic Bank, for failings in reporting its financial resources to the regulator in 2011 and 2012.
The Bank's Prudential Regulatory Authority (PRA) imposed a fine of 1.385 million pounds ($1.95 million) for failing to undertake a regular assessment of its capital as it was required to do so, the BoE said in a statement.
"In failing to assess, maintain and report on its financial resources for over a year, QIB failed to meet some of the most basic regulatory standards," said Andrew Bailey, chief executive of the PRA.
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