The Central Bank of UAE (CBUAE) has released a statement in response to the sanctions imposed on MTS bank, which includes a branch in Abu Dhabi.
The Central Bank stresses that the granting of a license to MTS bank was done through approved licensing procedures after the bank met the necessary criteria for licensing foreign bank branches.
The bank has contributed to supporting legitimate trade between the UAE and Russia and has serviced the Russian community in the UAE under the supervision of the Central Bank. The branch’s AML/CFT policies were reviewed, and their electronic systems tested before they commenced operations in the UAE, according to WAM.
The Central Bank supervised trade finance-related transactions that exceeded a certain threshold in light of the circumstances that the bank’s headquarters country is currently experiencing.
The Central Bank is currently evaluating available options regarding the new status of the bank, and a decision will be made in due course while taking into consideration the obligations incurred by the branch during the previous period.
