VOL. XXXVII

NO. 22

28-FEBRUARY-1994

Financial and Banking News

Regional Banking

Arab Financial Services Suspends Travelers Checks Business

Bahrain-based Arab Financial Services (AFS) announced on 24 February that itwill suspend its travelers check service as part of an "operationalrestructuring" designed to "strengthen the company'sprofitability." The move comes roughly two months after the US Treasury'sOffice of Foreign Asset Control (OFAC) ordered US institutions to ceasebusiness with AFS on the...