The Central Bank of the UAE (CBUAE) has taken decisive action to uphold the country’s financial integrity by imposing Dh18.1 million in fines on two UAE branches of foreign banks. The penalties come after thorough investigations revealed serious lapses in anti-money laundering (AML) and counter-terrorism financing compliance.
One foreign bank branch was fined Dh10.6 million, while the other incurred a Dh7.5 million penalty. These actions were taken under the UAE’s legal framework aimed at combating money laundering and the financing of terrorism.
The regulatory examinations revealed that both institutions failed to meet key compliance requirements, underscoring the UAE’s zero-tolerance stance on financial misconduct. This follows the recent Dh200 million penalty imposed on an exchange house for similar violations, demonstrating the Central Bank’s commitment to strict enforcement.
The CBUAE reaffirmed its dedication to ensuring that all financial entities operating in the nation comply with relevant laws and supervisory standards. These efforts are central to protecting the transparency and security of the UAE’s financial system.
UAE Central Bank Cracks Down with Dh18.1 Million Fines on Foreign Banks for AML Failures
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