UAE Central Bank slaps $1.6mn fine on foreign bank branch for AML violations
The Central Bank of the UAE (CBUAE) has imposed a financial sanction of AED 5,900,000 on a foreign bank branch operating in the Emirates. The sanction follows Article 14 of Federal Decree Law No.…
The Central Bank of the UAE (CBUAE) has imposed a financial sanction of AED 5,900,000 on a foreign bank branch operating in the Emirates.
The sanction follows Article 14 of Federal Decree Law No. 20 of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organisations and its amendments.
A central bank examination revealed the bank’s failures to comply with its Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organisations framework, along with related regulations.
The central bank stated it endeavours to ensure all banks and their staff abide by UAE laws, regulations and standards through its supervisory and regulatory mandates.
The central bank said these measures maintain the transparency and integrity of financial transactions and safeguard the country’s financial system.
More from Capital & Sovereign Wealth Desk
Saudi Logistics Plan Moves From Strategy to Capacity
Saudi Arabia’s logistics agenda is becoming a national competitiveness test as the kingdom works to connect ports, airports,…
India–GCC FTA Talks Put Trade Corridor in Focus
India and the GCC have moved from strong trade flows to a more formal negotiation over rules, services,…
Gulf Wealth Funds Take Wider Role in National Strategy
Sovereign investors across the Gulf are increasingly operating as instruments of industrial policy, global capital influence and domestic…