emirates7 - The Central Bank of the UAE (CBUAE) has levied a financial penalty of AED 5.9 million on a foreign bank branch operating within the country. This action was taken under Article (14) of Federal Decree Law No. (20) of 2018 concerning Anti-Money Laundering (AML) and Combating the Financing of Terrorism and Illegal Organisations, along with its amendments.
The penalty follows a CBUAE inspection, which found that the bank had failed to adhere to the AML and counter-terrorism financing framework and related regulatory requirements.
As part of its regulatory and supervisory responsibilities, the CBUAE remains committed to ensuring that all banks and their employees comply with UAE laws, regulations, and CBUAE standards in order to uphold the integrity and transparency of financial transactions and protect the country's financial system.
The penalty follows a CBUAE inspection, which found that the bank had failed to adhere to the AML and counter-terrorism financing framework and related regulatory requirements.
As part of its regulatory and supervisory responsibilities, the CBUAE remains committed to ensuring that all banks and their employees comply with UAE laws, regulations, and CBUAE standards in order to uphold the integrity and transparency of financial transactions and protect the country's financial system.