Latest news with #Anti-MoneyLaunderingandCombatingtheFinancingofTerrorismandIllegalOrganisations.The
Al Etihad
6 days ago
- Business
- Al Etihad
CBUAE imposes financial sanctions of Dh18.1 million on two branches of foreign banks
28 May 2025 17:11 ABU DHABI (WAM) The Central Bank of the UAE (CBUAE) imposed financial sanctions on two branches of foreign banks operating in the UAE, amounting to Dh10,600,000 for the first bank and Dh7,500,000 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 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.
Al Etihad
12-05-2025
- Business
- Al Etihad
CBUAE imposes administrative, financial sanctions on five insurance brokers
12 May 2025 15:34 ABU DHABI (WAM) 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 imposition of the sanctions results from the companies' failure to comply with its Anti-money Laundering and Combating the Financing of Terrorism and Illegal Organisations and Sanctions framework and related sanctions. The sanctions included a 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.
