The Central Bank of the UAE (CBUAE) has imposed a financial penalty on a local bank for failing to comply with anti-money laundering and counter-terrorism financing regulations.
The fine, amounting to AED 5,800,000, was levied after an examination by the CBUAE uncovered deficiencies in the bank's AML/CFT policies and procedures. This action is in accordance with Article 14 of the Federal Decree Law No. (20) of 2018, which aims to combat money laundering, terrorism financing, and the funding of illegal organizations.
The CBUAE emphasized its commitment to upholding the transparency and integrity of the UAE's banking sector and financial system. The regulatory authority continues to enforce strict compliance with UAE laws and standards, ensuring that all banks, along with their owners and staff, adhere to these regulations. This supervisory action underscores the CBUAE's dedication to maintaining a secure and transparent financial environment in the country.
News Source: Emirates News Agency
