The UAE branch of a foreign bank has been fined Dh5.9 million by the Central Bank of the UAE (CBUAE) for failing to adhere to anti-money laundering regulations.
The penalty was imposed following a CBUAE examination that uncovered the bank’s non-compliance with the Anti-Money Laundering and Combating the Financing of Terrorism framework, as mandated by Article (14) of Federal Decree Law No. (20) of 2018.
Through its regulatory efforts, the CBUAE aims to ensure that banks and their employees comply with UAE laws and standards to maintain the financial system’s transparency and integrity.
