The Central Bank of the UAE (CBUAE) has imposed a financial penalty of Dh5 million on a bank operating in the UAE for breaches of federal financial regulations. The sanction, enforced under articles 89 and 137 of the Federal Decree Law No. (14) of 2018 on the Central Bank and Financial Institutions, and article 14 of the Federal Decree Law No. (20) of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism, also mandates the bank to present the CBUAE’s action to the board of directors at its overseas headquarters.
“The CBUAE has fined the bank Dh5 million, and directed the bank to present the Central Bank’s action to the board of directors of the overseas headquarters,” it said in a statement on Monday. “The CBUAE, through its supervisory and regulatory mandates, works to ensure that all banks, their owners and staff abide by the UAE laws, regulations and standards adopted by the CBUAE to safeguard the transparency and integrity of the banking industry and the UAE financial system.”
