The Central Bank of the UAE (CBUAE) has imposed a financial sanction of AED 3,000,000 on a bank following compliance failures related to anti-money laundering regulations.
The sanction was imposed pursuant to 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 and its amendments, and Article 137 of the Decretal Federal Law No. (14) of 2018 Regarding the Central Bank and Organisation of Financial Institutions and Activities and its amendments.
The sanctions result from the central bank’s examinations, which revealed the bank’s failure to comply with the central bank instructions, which stipulated in the Decree Federal Law No. (20) of 2018 on Anti-money Laundering and Combating the Financing of Terrorism and Illegal Organisations and its amendments.
The CBUAE stated that through its supervisory and regulatory mandates, it “works to ensure that all banks and their staff, abide by the UAE laws, regulations and standards adopted by the CBUAE to safeguard the transparency and integrity of the banking sector and the UAE financial system,” the Emirates News Agency (WAM) said in a statement.
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