The Central Bank of the United Arab Emirates imposed a financial penalty on a bank, amounting to 3,000,000 dirhams. This action was taken in accordance with Article 14 of the Federal Decree Law No. 20 of 2018, which addresses the issues of combating money laundering and the financing of terrorism, as well as amendments made to it, along with provisions from Article 137 of the Federal Decree Law No. 14 of 2018 concerning the central bank and the regulation of financial institutions and activities.
These sanctions were a result of inspection findings that revealed the bank’s failure to comply with directives issued by the central bank, as outlined in the aforementioned Federal Decree Law No. 20 of 2018 aimed at preventing money laundering and countering the financing of terrorism and unlawful organizations.
The central bank is committed to ensuring that all banks and their employees adhere to the relevant laws within the UAE, as well as the systems and standards established by the bank. This is part of its regulatory and supervisory responsibilities to maintain transparency and integrity in the banking sector and to safeguard the country’s financial system.