The Central Bank of the UAE (CBUAE) has imposed a financial penalty on a bank operating within the Emirates.
This action follows an investigation that uncovered shortcomings in the bank’s anti-money laundering (AML) and countering the financing of terrorism (CFT) policies and procedures.
The CBUAE has fined the bank AED 5,800,000, referring to Article 14 of the Federal Decree-Law No. (20) of 2018 concerning Anti-Money Laundering, Combating the Financing of Terrorism, and Financing of Illegal Organisations.
The central bank stated that it operates through its supervisory and regulatory roles to ensure that banks, their owners, and staff adhere to UAE laws, regulations, and standards.
This initiative is designed to uphold the transparency and integrity of the UAE’s banking sector and financial system.
The statement did not disclose the name of the bank that was penalised.