Latest news with #FinancialSanction
Arabian Business
4 days ago
- 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.
Zawya
02-07-2025
- Business
- Zawya
CBUAE imposes a financial sanction of AED 5.9mln on a branch of foreign bank operating in the UAE
Abu Dhabi: The Central Bank of the UAE (CBUAE) imposed a financial sanction of 5,900,000 on foreign bank branch operating in the UAE, pursuant to Article (14) of the Federal Decree Law No. (20) of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organisations and its amendments. The financial sanction is based on a CBUAE examination, which revealed the Bank's failures to comply with its Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organisations framework, and related regulations. The CBUAE, through its supervisory and regulatory mandates, endeavors 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.
Zawya
20-05-2025
- Business
- Zawya
CBUAE imposes a financial sanction of AED 200mln on an exchange house
Abu Dhabi: The Central Bank of the UAE (CBUAE) imposed a financial sanction of amount 200 million on an exchange house, pursuant to Article )137(of the Decretal Federal Law No. (14) of 2018 Regarding the Central Bank and Organization of Financial Institutions and Activities, and amendments thereto. The financial sanction is based on the results of the findings of examinations conducted by the CBUAE, which revealed Significant failures in the Exchange House's Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organizations framework, and related regulations. Furthermore, a financial sanction of 500,000 was imposed on a branch manager, who has also been prohibited from holding any position within any licensed financial institutions in the UAE. The CBUAE, through its supervisory and regulatory mandates, endeavors to ensure that all exchange houses, their owners, and 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.
