Latest news with #AntiMoneyLaundering
The Standard
8 hours ago
- Business
- The Standard
Bank of Communications, other lenders fined $16.2m for monitoring breach
These follow an HKMA probe into the banks' compliance with the Anti-Money Laundering and Counter-Terrorist Financing Ordinance. Photo by REUTERS
Arabian Business
11-07-2025
- Business
- Arabian Business
UAE central bank fines bank AED3 mn for AML violations
The Central Bank of the UAE (CBUAE) has imposed a financial sanction of AED 3,000,000 on a bank following compliance failures related to anti-money laundering regulations. The sanction was imposed pursuant to 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 and its amendments, and Article 137 of the Decretal Federal Law No. (14) of 2018 Regarding the Central Bank and Organisation of Financial Institutions and Activities and its amendments. The sanctions result from the central bank's examinations, which revealed the bank's failure to comply with the central bank instructions, which stipulated in the Decree Federal Law No. (20) of 2018 on Anti-money Laundering and Combating the Financing of Terrorism and Illegal Organisations and its amendments. The CBUAE stated that through its supervisory and regulatory mandates, it 'works to ensure that all banks and their staff, abide by the UAE laws, regulations and standards adopted by the CBUAE to safeguard the transparency and integrity of the banking sector and the UAE financial system,' the Emirates News Agency (WAM) said in a statement.
Al Etihad
10-07-2025
- Business
- Al Etihad
Dubai Police and United Nations graduate First Cohort of ‘Anti-Money Laundering and Terrorism Financing' Diploma
10 July 2025 20:15 DUBAI (ALETIHAD)Major General Dr. Ahmed Zaal Bin Kershan Al Muhairi, Acting Commander-in-Chief of Dubai Police, witnessed the graduation ceremony for the inaugural cohort of the 'Anti Money Laundering and Terrorism Financing' Diploma, which Dubai Police organised in collaboration with the United Nations Office on Drugs and Crime for the Gulf Cooperation Council diploma program featured 90 participants from 21 different entities nationwide, representing a diverse range of government, semi-government, security, and banking graduation ceremony, held at the Dubai Police Officers' Club, was attended by Major General Harb Mohammed Al Shamsi, Deputy Commander-in-Chief for Criminal Affairs; Major General Salem Ali Al Shamsi, Assistant Undersecretary for Resources and Support Services at the Ministry of Interior; Judge Dr. Hatem Ali, Regional Representative of the United Nations Office on Drugs and Crime for the GCC, as well as several deputies from the General Department of Criminal Investigation, along with the diploma Gen Al Muhairi congratulated the graduates on completing the courses and requirements for the specialized diploma in Anti Money Laundering and Terrorism Financing. He highlighted that the diploma's content aligns with United Nations standards and methodologies, designed to train international experts in addressing these cross-border crimes, wishing the graduates success in serving their country and sharing their newfound knowledge with specialised diploma embodies the vision of our wise leadership and aligns with the nation's strategic goals in supporting the ongoing efforts of the National Anti-Money Laundering and Combating Financing of Terrorism and Financing of Illegal Organizations Committee (NAMLCFTC) and its subcommittees to enhance the effectiveness of the anti-money laundering and terrorism financing system. Additionally, it aims to develop participants' skills, reinforcing the adoption of United Nations standards and practices in this vital diploma program strengthens the country's commitment to combating and preventing these crimes, ensuring robust protection for the national financial system and enhancing the tools and mechanisms to tackle money laundering and terrorism financing. UN During the ceremony, Judge Dr. Hatem Ali delivered a statement to all graduates, extending greetings from Dr. Ghada Waly, Under-Secretary-General of the United Nations and Executive Director of the UN Office on Drugs and Crime. He remarked, "Today, we celebrate not only the graduation of this cohort from the diploma program but also the strength of our fruitful partnership with the UAE, whether federal collaboration with the Ministry of Interior or bilateral cooperation with the Dubai Police.'He added, "This is the third specialized diploma we have launched in partnership with Dubai Police, following the Strategic Planning Diploma for Drug Control and the Diploma Programme for Specialists of Combating Human Trafficking. These programs reflect the visionary goals of the UAE and are perfectly aligned with the United Nations' vision. Our work within the Secretariat on UN agreements and international standards aims to prevent and combat crime, transforming theoretical training into practical skills for law enforcement and justice professionals, equipping them to address the challenges posed by crime effectively."Judge Hatem Ali stated, "The programs and diplomas we've developed in collaboration with Dubai Police effectively blend academic qualifications with practical experience. They are built upon the principles and guidelines established by the United Nations. These initiatives seamlessly integrate training with real-world application, directly aligning with the operational tasks of security, judicial, and public prosecution agencies."He continued, "In today's world, technology has transformed daily life and reshaped the nature of crime. We no longer confront simple or traditional offenses; they have become increasingly complex, evolving in form, type, and structure, often transcending national borders. Therefore, it is imperative for us—police, security personnel, prosecutors, and judicial bodies—to prepare ourselves to address these threats to individual and community safety. This is why we continually harness the advantages of these specialized diplomas, including this vital one, to cultivate exceptional individuals and share expertise through UN programs with countries in the region and beyond."He added, "Today, we proudly celebrate the graduation of a cohort of trained Emirati professionals grounded in United Nations methodology, and we hope they will become future experts for both the UAE and the UN." He thanked all instructors for their dedication and commended Dubai Police's efforts in preparing this diploma. Diploma Objective Meanwhile, Captain Mariam Al Kaabi from the Criminal Training Center at the General Department of Criminal Investigations, who supervises the program, explained that the specialized diploma in Combating Money Laundering and Terrorism Financing was developed following a partnership agreement between the Dubai Police and the UN Office on Drugs and Crime for the GCC in 2021, after the approval of its comprehensive scientific and specialized training highlighted that the diploma aims to cultivate internationally recognised experts accredited by the United Nations in the fields of money laundering and terrorism financing. 'It focuses on enhancing the skills of national personnel operating in this vital area and strives to standardise concepts related to combating money laundering,' Al Kaabi added. Four Phases: 100 Hours and 90 ProjectsAl Kaabi outlined that the diploma activities began in 2022 and consisted of four comprehensive training phases. 'These phases included theoretical lectures, workshops, group practical exercises, and the analysis of real-world case studies. The program culminated in the submission of graduation research and successful final interviews,' she stated. Moreover, Al Kaabi noted that graduates completed over 100 hours of training and engaged in more than 90 graduation projects.
Khaleej Times
10-07-2025
- Business
- Khaleej Times
UAE: Bank fined Dh3 million for violating anti-money laundering law
The authority said that it works to ensure that all banks and their staff abide by local laws and regulations A bank has been fined Dh3 million by the UAE Central Bank for failing to comply with anti-money laundering laws. The bank failed to keep up with the rules stipulated in Decree Federal Law No. (20) of 2018 on Anti-money Laundering and Combating the Financing of Terrorism and Illegal Organisations and its amendments, the authority said on Thursday. The authority said that it works to ensure that all banks and their staff abide by local laws and regulations to safeguard the transparency of the banking sector and the UAE financial system.
Zawya
10-07-2025
- Business
- Zawya
CBUAE imposes a financial sanction of AED 3mln on a bank
Abu Dhabi: The Central Bank of the UAE (CBUAE) imposed a financial sanction on a bank of 3,000,000, pursuant to 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 and its amendments, and Article 137 of the Decretal Federal Law No. (14) of 2018 Regarding the Central Bank & Organisation of Financial Institutions and Activities and its amendments. The sanctions result from the CBUAE's examinations, which revealed the bank's failure to comply with the Central Bank instructions, which stipulated in the Decree Federal Law No. (20) of 2018 on Anti-money Laundering and Combating the Financing of Terrorism and Illegal Organisations and its amendments. The CBUAE, through its supervisory and regulatory mandates, works to ensure that all Banks and their staff, abide by the UAE laws, regulations and standards adopted by the CBUAE to safeguard the transparency and integrity of the banking sector and the UAE financial system.
