The Central Bank of the UAE (CBUAE) imposed financial sanctions on a bank operating in the UAE, pursuant to Article 14 of Federal Decree Law No. (20) of 2018 on Anti-money Laundering and Combating the Financing of Terrorism and Illegal Organisations and its amendments.
A financial penalty has been imposed after assessing the findings of an examination conducted by the CBUAE, which revealed that the bank failed to comply with the Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organisations policies and procedures.
The CBUAE, through its supervisory and regulatory mandates, works to ensure that all banks and their staff comply with the UAE’s laws, regulations, and standards adopted by the CBUAE to safeguard the transparency and integrity of the banking sector and the UAE financial system.
–WAM
