The Central Bank of the UAE has imposed financial sanctions worth $5m on two branches of foreign banks operating in the UAE,
The sanctions amounted to AED10.6m ($2.9m) for the first bank and AED7.5m ($2m) for the second bank, pursuant to Article (14) of the Federal Decree Law No. (20) of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organisations.
The financial sanctions were imposed based on the findings of examinations conducted by the CBUAE.
CBUAE sanctions foreign banks
Investigations revealed violations and failures to comply with the Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organisations framework, and related regulations.
The CBUAE, through its supervisory and regulatory mandates, endeavours to ensure that all banks and their staff, abide by the UAE laws, regulations and standards established by the CBUAE to maintain transparency and integrity of the financial transactions and safeguard the country’s financial system.
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