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
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