Abu dhabi: The Central Bank of the UAE (CBUAE) has imposed a financial sanction of AED5,900,000 on a branch of a foreign bank operating within the UAE. This action is pursuant to Article (14) of the Federal Decree Law No. (20) of 2018, which pertains to Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organisations, along with its amendments.
According to Emirates News Agency, the financial penalty stems from a CBUAE examination that uncovered the bank’s non-compliance with the Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organisations framework, as well as related regulations.
The CBUAE, through its supervisory and regulatory roles, aims to ensure that all banks and their personnel adhere to UAE laws, regulations, and standards. This enforcement seeks to maintain the transparency and integrity of financial transactions, thereby safeguarding the UAE’s financial system.