UAE Central Bank slaps $1.6mn fine on foreign bank branch for AML violations
The sanction follows Article 14 of Federal Decree Law No. 20 of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organisations and its amendments.
A central bank examination revealed the bank's failures to comply with its Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organisations framework, along with related regulations.
The central bank stated it endeavours to ensure all banks and their staff abide by UAE laws, regulations and standards through its supervisory and regulatory mandates.
The central bank said these measures maintain the transparency and integrity of financial transactions and safeguard the country's financial system.
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