The Central Bank of the UAE (CBUAE) imposed a AED 5.8 million fine on a bank operating in the country after an examination found deficiencies in its policies and procedures.
The financial sanction is 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.
Investigations conducted by the CBUAE revealed that the bank had deficiencies in its AML/CFT policies and procedures.
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.
The #CentralBankUAE imposed a financial sanction on a bank 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 Financing of Illegal Organisations.
— Central Bank of the UAE (@centralbankuae) August 2, 2024
For more information:…
UAE joins seven nations in rejecting Israel's one-way Gaza exit plan
Woman detained after sword stunt during Eid Al Etihad goes viral
New GCC Civil Aviation Authority in UAE strengthens regional ties: GCAA
UAE President holds talks with Prime Minister of Iraq's Kurdistan region
Tourist summoned, car seized after stunt on Sheikh Zayed Road
Dubai Police mark 12 years of luxury patrols with rare Ferrari reveal
Cloudfare outage disrupts major websites, food delivery apps
UAE delegation joins Washington meeting on DR Congo-Rwanda peace deal
