UAE sanctions bank for failing to comply with anti-money laundering policies
The Central Bank of the UAE (CBUAE) has imposed a financial sanction on a bank operating in the country for failing to comply with policies and procedures related to anti-money laundering and combating the financing of terrorism and illegal organisations.
The financial penalty has been imposed after assessing the findings of an examination conducted by the CBUAE.
The penalty comes pursuant to Article (14) of the Federal Decree Law No. (20) of 2018 on Anti-money Laundering and Combating the Financing of Terrorism and Illegal Organisations and its amendments, and its amendments.
Through its supervisory and regulatory mandates, the CBUAE works to ensure that all banks and their staff, abide by UAE laws, regulations and standards adopted by the CBUAE to safeguard the transparency and integrity of the banking sector and the UAE financial system.
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