The Central Bank of the UAE (CBUAE) has imposed a financial sanction of Dh5.8 million on a bank operating in the UAE. This action is taken under Article 14 of Federal Decree Law No. (20) of 2018 concerning Anti-Money Laundering, Combating the Financing of Terrorism, and Financing of Illegal Organisations.
The sanction follows an examination by the CBUAE, which identified deficiencies in the bank’s anti-money laundering and countering the financing of terrorism policies and procedures. The CBUAE emphasises that its supervisory and regulatory roles are aimed at ensuring compliance with UAE laws and maintaining the integrity of the country’s financial system.
