Central Bank of UAE imposes financial sanction of Dh5.9 million on branch foreign bank branch

ABU DHABI (WAM)

The Central Bank of the UAE (CBUAE) imposed a financial sanction of Dh5.9 million on foreign bank branch operating in the UAE, pursuant to Article (14) of the Federal Decree Law No. (20) of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organisations and its amendments.

The financial sanction is based on a CBUAE examination, which revealed the bank’s failures to comply with its Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organisations framework, and related regulations.

The CBUAE, through its supervisory and regulatory mandates, endeavours to ensure that all banks and their staff, abide by the UAE laws, regulations, and standards established by the CBUAE in order to maintain transparency and integrity of the financial transactions, and safeguard the UAE financial system.

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