FOR IMMEDIATE RELEASE
Beirut, Lebanon, 31 December 2020 – Recent media reports have falsely accused MEAB Bank of dealing with the “al-Qard-al-Hassan” Association. MEAB Bank would like to clarify that these accusations are completely false and unfounded and aim to discredit the Lebanese banking sector. These claims are fabricated and far from the truth, as MEAB Bank denies these false and misleading allegations.
MEAB Bank confirms its commitment to full compliance with Lebanese laws and all international best practices and standards, including anti-money laundering and laws countering the financing of terrorism. In addition, MEAB Bank abides by all circulars, regulations and directives issued by the Central Bank of Lebanon and other international regulatory organizations. In addition, the Bank confirms that it does not deal in any way with any individual or entity blacklisted by the Central Bank of Lebanon or by the Office of Foreign Assets Control of the U.S. Department of the Treasury (OFAC).
Inaya A. Hamdan
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Our clearing firm, Apex Clearing Corporation, has purchased an additional insurance policy through a group of London Underwriters (with Lloyd's of London Syndicates as the Lead Underwriter) to supplement SIPC protection. This additional insurance policy becomes available to customers in the event that SIPC limits are exhausted and provides protection for securities and cash up to an aggregate of $150 million. This is provided to pay amounts in addition to those returned in a SIPC liquidation. This additional insurance policy is limited to a combined return to any one customer of $37.5 million for securities and $900,000 for cash. Similar to SIPC protection, this additional insurance does not protect against a loss in the market value of securities.