Press Release Issued by Bank Audi sal.

02 Apr 2015
A Lebanese newspaper released on April 2, 2015, an article on the developments of the meeting held between Mr. Daniel Glazer, Assistant Secretary for the Department of Treasury of the United States, and the Board of Directors of the Association of Banks in Lebanon, alleging that the said meeting included a mention of American authorities’ concern about operations aiming at financing ISIS (“Daesh”) and performed through banks in Turkey and Iraq, among which Bank Audi Turkey (Odea Bank). The said authorities allegedly “asked their Turkish counterparts to look into the operations of Bank Audi, amidst fear of the possibility of facing money laundering operations”.

Hence, we wish to confirm that this information is completely inaccurate and does not reflect the contents of the discussions during that meeting, during which no mention at all of Bank Audi’s Turkish subsidiary (Odea Bank) was done. Moreover, the said subsidiary was never asked by Turkish authorities to take any specific measure as regards combating money laundering and financing terrorism, as stated by the said newspaper.

Bank Audi, as well as its subsidiaries in Lebanon and in all the countries it is present in, applies the highest standards of banking ethics and practice, and complies with all applicable domestic and international regulations in all its countries of presence. On a parallel note, combating money laundering and financing terrorism are an integral part of its administrative, organisational and supervisory policy and measures in Lebanon and abroad, as our bank undergoes inspection by central banks as well as by concerned supervisory systems.


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