The UAE Central Bank (CBUAE) fines an undisclosed bank AED 5.8 million for AML violations.
The bank was examined thoroughly for the CBUAE Fines. The examination revealed deficiencies. These deficiencies were found in the bank’s anti-money laundering (AML) policies and procedures. The bank’s countering the financing of terrorism (CFT) policies and procedures also had deficiencies. Consequently, the CBUAE levied a fine of AED 5,800,000, 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 CBUAE emphasized its commitment to ensuring banks, their owners, and staff comply with UAE laws, regulations, and standards. This supervisory and regulatory effort aims to uphold the transparency and integrity of the UAE’s banking sector and financial system.
Also check the News: UAE Central Bank Holds Benchmark Interest Rate Steady at 5.40%
