Chairman of the Union of Arab Banks Joseph Torbey in Beirut, Wednesday, Nov. 6, 2013. (The Daily Star/Mohammad Azakir)
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U.S. laws put lot of pressure on the compliance departments of Arab banks, compelling them to carefully examine every transaction, the secretary-general of the Union of Arab Banks said Wednesday.No one opposes banking secrecy here because Lebanon has adopted a series of measures that turns the national banking entity into a monument of clean money," Torbey said.He added that some American banks had closed the accounts of Arab banks recently, under pressure from U.S. regulators.
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