The Central Bank of the UAE has fined a foreign bank operating within the country an amount of 5.9 million dirhams. This action was taken in accordance with Article (14) of the Federal Decree-Law No. (20) of 2018, which addresses the prevention of money laundering, combating the financing of terrorism, and the funding of illegal organizations, along with its amendments.
The financial penalties are a result of inspections conducted by the Central Bank, which revealed deficiencies in compliance with the framework for combating money laundering, terrorist financing, and the relevant legislation.
Through its regulatory and supervisory functions, the Central Bank aims to ensure that all banks and their employees adhere to the applicable laws and regulations in the UAE, as well as the standards it has established. This is part of an ongoing effort to maintain transparency and integrity in financial transactions and to protect the country’s financial system.