UAE penalizes bank over anti-money laundering compliance failure
Penalty imposed under UAE federal law as part of efforts to safeguard financial system integrity
UAE Central Bank Fines Local Bank Over Anti-Money Laundering Violations
The Central Bank of the UAE (CBUAE) has issued a financial penalty against a bank operating within the country for failing to follow required anti-money laundering (AML) procedures and not complying with measures to prevent the financing of terrorism and unlawful organizations.
The action was taken after a careful assessment based on the CBUAE investigation. Article 14 of Federal Decree Law No. (20) of 2018, which discusses AML procedures and combating the financing of terrorism, was used to impose the penalties.
The CBUAE reaffirmed its commitment to maintaining the integrity and transparency of the country’s financial and banking systems. It supervises and regulates financial institutions to ensure strict compliance with UAE law and global regulations.
