
UAE Central Bank fines two branches of foreign banks
The financial sanctions were imposed based on the findings of examinations conducted by the CBUAE, which revealed violations and failures to comply with the Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organisations framework, and related regulations.
The CBUAE, through its supervisory and regulatory mandates, endeavours to ensure that all banks and their staff, abide by the UAE laws, regulations and standards established by the CBUAE to maintain transparency and integrity of the financial transactions and safeguard the UAE financial system.
Earlier Khaled Mohamed Balama, Governor of the Central Bank of the UAE (CBUAE), and Taleh Kazimov, Governor of the Central Bank of the Republic of Azerbaijan (CBAR), signed a Memorandum of Understanding (MoU) aimed at strengthening cooperation and exchange of expertise and information in areas of shared interest within the financial sector.
Under the MoU, the two parties will exchange information on best supervisory, regulatory practices, licencing processes pertaining to banking and insurance businesses, and services related to payments and financial infrastructure systems.
In addition, they will deepen technical cooperation through training and the exchange of knowledge, including joint studies and research, as well as working visits.
WAM
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Gulf Today
5 hours ago
- Gulf Today
Motorist detained over a hit-and-run and concealing evidence charges in Dubai
Counselor Salah Boufrousha Al Falasi, Senior Advocate General and Head of the Traffic Prosecution in Dubai, announced two individuals have been arrested over charges of hit and run and concealing evidence. The first is a 33-year-old Indian man, who is involved in a hit-and-run accident that left a person seriously injured. He is also accused of failing to stop at the scene or provide necessary assistance and first aid. The second accused is a Pakistani national who repaired the vehicle involved in the accident without obtaining a repair permit from the relevant traffic control authority. Al Falasi explained that the incident took place on July 20, 2025, when a pedestrian was struck by a vehicle on an internal street in the Hor Al Anz area. The pedestrian sustained severe physical injuries as a result of the incident and was transferred to a medical facility for treatment. This incident occurred due to a combination of negligence, inattention and a lack of consideration for other road users, Salah Al Falasi said. He commended the vigilance and rapid response of the Dubai Police security teams, who arrested the driver and manager of the vehicle repair centre within 48 hours, demonstrating their professionalism. Al Falasi also confirmed that the Traffic Prosecution began investigating the accident immediately after the perpetrators were arrested. The first has been charged with failing to stop at the scene of the accident, which resulted in bodily injury and property damage. The second defendant, who manages the vehicle repair centre, charged with obstructing judicial procedures by repairing a vehicle with signs of an accident without obtaining a permit from the relevant traffic control authority. The prosecution ordered the detention of the accused pending investigation, to monitor the health of the injured person and determine their final medical condition, and to hear the testimony of those responsible for the arrest. This is in preparation for taking the necessary measures to refer the accused to trial and demand harsher penalties in accordance with relevant local and federal legislation. Counselor Salah Boufrousha Al Falasi called on drivers to exercise the utmost care and caution when driving on the roads and to comply with all legal and safety requirements to ensure the safety of all road users and protect public and private property. He also stressed the importance of not fleeing the scene of an accident involving bodily injury, except in cases of extreme necessity, and of reporting the relevant authorities in the emirate within three hours of the accident. This is in accordance with the latest amendment to the Traffic Law, which came into force on 29 March 2025. The law stipulates a penalty of imprisonment for a period not exceeding one year and a fine of not less than Dhs50,000 and not more than Dhs100,000, or one of these two penalties.


Sharjah 24
8 hours ago
- Sharjah 24
FANR wins Global Internal Audit Excellence Award
Global acknowledgment for UAE's public sector This recognition places FANR among a select group of UAE organisations to gain international acclaim for leadership and innovation in internal auditing within the public sector. Award-winning collaboration with CNSC The award was granted to the International Internal Audit Collaboration Working Group (IIACWG)—a joint initiative formed in 2020 by FANR and the Canadian Nuclear Safety Commission (CNSC). The initiative promotes knowledge-sharing and best practices in nuclear regulatory auditing. Launch of a new global benchmark A major output of this collaboration was the white paper titled 'Auditing Inspection Process—Nuclear Regulator', unveiled at the IAEA General Conference in September 2024. The paper introduced a risk-based methodology and a framework of eight core elements to standardise nuclear facility audit inspections globally. FANR's key contributions FANR played a pivotal role in the project, integrating its Anti-Fraud Framework and Audit and Risk Methodology into the white paper. These contributions significantly strengthened the international exchange of internal audit practices. Statement from FANR leadership 'We are honoured to receive the IIA Excellence Award for Public Sector Leadership,' said Amna Faridoon, Chief Audit Executive at FANR. 'This award reflects our team's dedication and the success of our collaboration with CNSC. It highlights FANR's ongoing commitment to excellence, transparency, and continuous improvement across the UAE and globally.' Recognising public sector audit innovation The Public Sector Leadership category celebrates government audit entities that excel in accountability, innovation, and public trust. FANR's award underscores its pioneering role in advancing governance and internal audit standards. Global impact of the IIA Excellence Awards The 2025 IIA Excellence Awards attracted hundreds of nominations from across 45 countries, making FANR's achievement a distinguished honour on the global stage.


Al Etihad
10 hours ago
- Al Etihad
Over Dh 774 bn in bank investments in UAE by end of April 2025: Central Bank
24 July 2025 20:38 ABU DHABI (WAM) Investments by banks operating in the UAE continued their upward trend, reaching Dh 774.3 billion by the end of April 2025. This marks a 16.2% annual increase compared to April 2024 and a 1.4% rise from March to banking indicators released by the Central Bank of the UAE (CBUAE), investments in debt securities grew to Dh 352.4 billion by the end of April. Meanwhile, securities held to maturity totalled Dh 345.8 also invested Dh 19.3 billion in stocks and Dh 56.8 billion in other investment bank credit rose to over Dh 2.259 trillion, reflecting an annual growth of 9.5%. Of this, domestic credit accounted for approximately Dh 1.881 trillion, while foreign credit reached Dh 378.3 deposits exceeded Dh 2.965 trillion, comprising Dh 2.689 trillion in resident deposits and Dh 275.6 billion in non-resident deposits. A breakdown of investments by emirate noted that Abu Dhabi banks took the lead with Dh 408.9 billion, followed by Dubai with Dh 296 billion, and other emirates with Dh 69.5 billion.