emirates7 - The Central Bank of the UAE (CBUAE) has imposed a financial penalty on a bank operating within the country, in accordance with Article (14) of Federal Decree Law No. (20) of 2018 concerning Anti-Money Laundering, Combating the Financing of Terrorism, and Illegal Organisations, along with its amendments.
This sanction follows an assessment based on the results of a regulatory examination carried out by the CBUAE, which found that the bank had failed to adhere to the required policies and procedures related to anti-money laundering and counter-terrorism financing.
In fulfilling its supervisory and regulatory responsibilities, the CBUAE strives to ensure that all banks and their employees comply with the UAE’s legal framework, regulations, and the standards set by the Central Bank, in order to maintain the integrity and transparency of the banking sector and the broader financial system.
This sanction follows an assessment based on the results of a regulatory examination carried out by the CBUAE, which found that the bank had failed to adhere to the required policies and procedures related to anti-money laundering and counter-terrorism financing.
In fulfilling its supervisory and regulatory responsibilities, the CBUAE strives to ensure that all banks and their employees comply with the UAE’s legal framework, regulations, and the standards set by the Central Bank, in order to maintain the integrity and transparency of the banking sector and the broader financial system.