Latest news with #Anti-MoneyLaunderingandCombatingtheFinancingofTerrorismandIllegalOrganisations
Gulf Today
3 days ago
- Business
- Gulf Today
UAE Central Bank fines two branches of foreign banks
The Central Bank of the UAE (CBUAE) imposed financial sanctions on two branches of foreign banks operating in the UAE, amounting to Dhs10,600,000 for the first bank and Dhs7,500,000 for the second bank, 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. 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
Gulf Today
13-05-2025
- Business
- Gulf Today
UAE Central Bank sanctions five insurance brokers for flouting money laundering law
The Central Bank of the UAE (CBUAE) has imposed administrative and financial sanctions on five insurance brokers operating in the UAE, pursuant to Article (14) of the Decree Federal Law No. (20) of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organisations. The imposition of the sanctions results from the companies' failure to comply in its Anti-money Laundering and Combating the Financing of Terrorism and Illegal Organisations and Sanctions framework and related sanctions. The sanctions included financial penalty on two insurance brokers while the remaining three received an official warning. The CBUAE, through its supervisory and regulatory mandates, works to ensure that all insurance brokers and insurance-related professions, abide by the UAE laws, regulations and standards adopted by the CBUAE to safeguard the transparency and integrity of the insurance industry and the UAE financial system. WAM
