CBUAE imposes sanction of AED5.9 M. on branch of foreign bank
The CBUAE, 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 the CBUAE to maintain transparency and integrity of the financial transactions and safeguard the UAE financial system.
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The Central Bank of the UAE has penalised a branch of a foreign bank operating in the country with a fine of AED 5.9 million for violating the country's anti-money laundering law. The penalty was imposed after assessing the findings of an examination conducted by the CBUAE. According to a statement issued by the CBUAE, the bank did not comply with Article 14 of the Federal Decree Law No. (20) of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Financing of Illegal Organisations. The CBUAE, through its supervisory and regulatory mandates, works to ensure that all banks, their owners and staff abide by the country's laws, regulations and standards to safeguard the transparency and integrity of the financial system.
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