The Central Bank of the UAE (CBUAE) has levied a financial penalty of AED5,900,000 on a branch of a foreign bank operating within the UAE. This action was taken in accordance with Article (14) of Federal Decree Law No. (20) of 2018 concerning Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organisations, along with its subsequent amendments.
The penalty follows a regulatory inspection conducted by the CBUAE, which identified the bank’s shortcomings in adhering to the Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organisations framework, as well as associated regulatory obligations.
In line with its supervisory and regulatory responsibilities, the CBUAE remains committed to ensuring that all banks and their personnel comply fully with UAE legislation, regulatory standards, and the guidelines issued by the CBUAE, thereby upholding the transparency and integrity of financial transactions and protecting the stability of the national financial system.
