The Central Bank of the UAE (CBUAE) imposed a financial sanction on an unnamed bank amounting to Dh3 million.
The decision was taken under Article 14 of the Federal Decree Law No. (20) of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Financing of Illegal Organisations and its amendments, and Article 137 of the Decretal Federal Law No. (14) of 2018 Regarding the Central Bank & Organisation of Financial Institutions and Activities and its amendments.
The sanctions result from the CBUAE’s examinations, which revealed the bank’s failure to comply with the Central Bank instructions, which stipulated in the Decree Federal Law No. (20) of 2018 on Anti-money Laundering and Combating the Financing of Terrorism and Illegal Organisations and its amendments.
The CBUAE works to ensure that all banks and their staff abide by the UAE laws, regulations and standards adopted by the CBUAE.
