Excerpt from Wall Street Journal article:

U.S. Regulators Accuse Arab Bank
Of Money-Laundering Violations

By GLENN R. SIMPSON
Staff Reporter of THE WALL STREET JOURNAL
February 25, 2005 2:29 p.m.

Federal bank regulators issued an order today accusing Arab Bank, one of the largest and best known financial institutions in the Middle East, of large-scale money-laundering violations in its U.S. office.

....Arab Bank has agreed to cease all funds deposit-taking and transfer activities -- essentially shutting down its U.S. branch.

.....

The Office of the Comptroller of the Currency, an independent Treasury Department agency that issued the order, is also moving to reassign officials from its New York office who allegedly failed to catch the Bank Secrecy Act violations in Arab Bank's international funds transfer office, people with knowledge of the agency's operations said.