UAE Central Bank fines two foreign bank branches Dh18.1m for breaching anti-money laundering rules
The regulator imposed a fine of Dh10.6 million on the first bank and Dh7.5 million on the second bank, it said in a statement on Wednesday, without naming the lenders.
Penalties were slapped on the branches of foreign lenders for 'violations and failures' to comply with the anti-money laundering, combating the financing of terrorism and illegal organisations framework, and related regulations, the CBUAE statement added.
The fines were imposed based on the findings of examinations the banking regulator has conducted, it said.
'The UAE Central Bank, 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 it to maintain transparency and integrity of the financial transactions and safeguard the UAE financial system,' the regulator said in the statement.
An exchange house was fined Dh200 million by the UAE Central Bank last week for breaching anti-money laundering regulations. A financial sanction of Dh500,000 was also imposed on a branch manager, who has also been prohibited from holding any position within any licensed financial institutions in the UAE, the regulator said.
The Emirates has made significant strides in the fight against financial crime in recent years. Effective policies on money laundering and combating the financing of terrorism are key to the integrity and stability of the international financial system and the economies of nations, according to the International Monetary Fund.
Last year, the UAE announced a nationwide action plan aimed at boosting its fight against illicit financial activity by introducing the 2024-27 National Strategy for Anti-Money Laundering, Countering the Financing of Terrorism and Proliferation Financing.
The strategy has 11 goals outlining the 'legislative and regulatory reforms the UAE is taking to prevent the impact of illegal activities on society', and was developed by the General Secretariat of the National Committee using World Bank Group methodology to ensure it meets international standards.
In August last year, the government amended its laws on anti-money laundering, and the financing of terrorism and illegal organisations. A National Committee for Anti-Money Laundering and Combating the Financing of Terrorism and Financing of Illegal Organisations was formed as a result.
In 2021, the government founded an Executive Office for Anti-Money Laundering and Counter-Terrorism Financing after passing an anti-money laundering and terrorism financing law in 2018.
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