The action comes after an examination revealed deficiencies in the bank’s anti-money laundering (AML) and countering the financing of terrorism (CFT) policies and procedures
The Central Bank of the UAE (CBUAE) has imposed a financial sanction on a bank operating in the Emirates.
The action comes after an examination revealed deficiencies in the bank’s anti-money laundering (AML) and countering the financing of terrorism (CFT) policies and procedures.
The CBUAE levied a fine of AED5,800,000 on the bank, citing Article 14 of the Federal Decree Law No. (20) of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Financing of Illegal Organisations.
The central bank stated that it works through its supervisory and regulatory mandates to ensure banks, their owners, and staff comply with UAE laws, regulations, and standards.
This effort aims to maintain the transparency and integrity of the UAE’s banking sector and financial system.
The name of the penalised bank was not disclosed in the statement.
