UAE Central Bank Imposes Financial Penalties on Foreign Banks
Sanctions totaling AED 18.1 million issued to two foreign bank branches for AML and CFT compliance failures.
The Central Bank of the United Arab Emirates has imposed financial penalties on two foreign bank branches operating within the country, amounting to AED 18.1 million.
The first bank branch was fined AED 10.6 million, while the second faced a penalty of AED 7.5 million.
These sanctions were enacted under Article 14 of Federal Decree-Law No. 20 of 2018 regarding the prevention of money laundering and the combating of terrorism financing and financing of illegal organizations.
The financial penalties come as a result of inspections conducted by the Central Bank, which revealed compliance failures and violations related to the frameworks for combating money laundering (AML) and counter-terrorism financing (CFT), as well as relevant legislation.
The Central Bank's supervisory and regulatory role is aimed at ensuring that all banks and their employees adhere to the prevailing laws and regulations in the UAE, along with the guidelines established by the bank itself.
This initiative is part of efforts to maintain the integrity and transparency of financial transactions, contributing to the safeguarding of the UAE's financial system.
The first bank branch was fined AED 10.6 million, while the second faced a penalty of AED 7.5 million.
These sanctions were enacted under Article 14 of Federal Decree-Law No. 20 of 2018 regarding the prevention of money laundering and the combating of terrorism financing and financing of illegal organizations.
The financial penalties come as a result of inspections conducted by the Central Bank, which revealed compliance failures and violations related to the frameworks for combating money laundering (AML) and counter-terrorism financing (CFT), as well as relevant legislation.
The Central Bank's supervisory and regulatory role is aimed at ensuring that all banks and their employees adhere to the prevailing laws and regulations in the UAE, along with the guidelines established by the bank itself.
This initiative is part of efforts to maintain the integrity and transparency of financial transactions, contributing to the safeguarding of the UAE's financial system.
