The Central Bank of the UAE (CBUAE) has issued a financial sanction against a bank operating within the country, in accordance with Article (14) of Federal Decree Law No. (20) of 2018 concerning Anti-Money Laundering and the Countering of Financing for Terrorism and Unlawful Organisations, along with its subsequent amendments.
This monetary penalty follows an assessment based on the results of an inspection carried out by the CBUAE, which determined that the bank had failed to adhere to the required policies and procedures related to Anti-Money Laundering and the Countering of Terrorist Financing and Illicit Organisations.
Through its regulatory and supervisory functions, the CBUAE remains committed to ensuring that all banks and their personnel comply with national legislation, regulations, and standards implemented by the Central Bank, aiming to uphold the integrity and transparency of the UAE’s banking and financial system.
