The Central Bank of the UAE has levied a financial penalty on a bank operating within the country after discovering breaches of regulations and compliance standards.
This action is in line with Articles 89 and 137 of Federal Decree Law No. (14) of 2018, which governs the Central Bank and the Organisation of Financial Institutions and Activities, along with its amendments. It also adheres to Article 14 of Federal Decree Law No. (20) of 2018, concerning Anti-Money Laundering and the Combating of Terrorism Financing and Illegal Organisations.
The CBUAE imposed a fine of AED 5M ($1.4M) on the bank and instructed it to report the Central Bank’s actions to the board of directors at its overseas headquarters.
The Central Bank, in fulfilling its supervisory role, ensures that all banks, their owners, and staff comply with UAE laws, regulations, and standards, to maintain transparency and integrity in the UAE’s financial system.
