Latest news with #Anti-moneyLaunderingandCombatingtheFinancingofTerrorismandIllegalOrganisations
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
Gulf Today
21-04-2025
- Business
- Gulf Today
Central Bank imposes financial sanction on bank operating in UAE
The Central Bank of the UAE (CBUAE) imposed financial sanction on a bank operating in the UAE, 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. The financial penalty has been imposed after assessing the findings of an examination conducted by the CBUAE, which revealed that the bank failed to comply with Anti-money Laundering and Combating the Financing of Terrorism and Illegal Organisations policies and procedures. The CBUAE, through its supervisory and regulatory mandates, works to ensure that all banks and their staff, abide by the UAE laws, regulations and standards adopted by the CBUAE to safeguard the transparency and integrity of the banking sector and the UAE financial system. WAM
Arabian Business
21-04-2025
- Business
- Arabian Business
UAE Central Bank imposes financial sanction on a bank
The Central Bank of the UAE (CBUAE) has imposed financial sanctions on a bank operating in the UAE for failing to comply with the Anti-money Laundering and Combating the Financing of Terrorism and Illegal Organisations policies and procedures. The financial penalty was imposed after the CBUAE assessed the findings of its examination into the matter. The name of the bank and the quantum of penalty were not disclosed. This was done under 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. All banks, staff must abide by the UAE laws Through its supervisory and regulatory mandates, the CBUAE ensures that all banks and their staff abide by the UAE laws, regulations and standards to safeguard the transparency and integrity of the banking sector and the UAE financial system. On March 25, the CBUAE had imposed financial sanctions totalling AED2.62 million on five banks and two insurance companies for non-compliance with the reporting procedures required by the Common Reporting Standard (CRS) and Foreign Account Tax Compliance Act (FATCA) guidelines.
Emirates 24/7
21-04-2025
- Business
- Emirates 24/7
CBUAE Imposes Financial Sanction on a Bank Operating in the UAE
The Central Bank of the UAE (CBUAE) imposed financial sanction on a bank operating in the UAE, 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. The financial penalty has been imposed after assessing the findings of an examination conducted by the CBUAE, which revealed that the Bank failed to comply with Anti-money Laundering and Combating the Financing of Terrorism and Illegal Organisations policies and procedures. The CBUAE, through its supervisory and regulatory mandates, works to ensure that all Banks and their staff, abide by the UAE laws, regulations and standards adopted by the CBUAE to safeguard the transparency and integrity of the banking sector and the UAE financial system. Follow Emirates 24|7 on Google News.
Zawya
21-04-2025
- Business
- Zawya
Central Bank imposes financial sanction on bank operating in UAE
ABU DHABI - The Central Bank of the UAE (CBUAE) imposed financial sanction on a bank operating in the UAE, 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. The financial penalty has been imposed after assessing the findings of an examination conducted by the CBUAE, which revealed that the bank failed to comply with Anti-money Laundering and Combating the Financing of Terrorism and Illegal Organisations policies and procedures. The CBUAE, through its supervisory and regulatory mandates, works to ensure that all banks and their staff, abide by the UAE laws, regulations and standards adopted by the CBUAE to safeguard the transparency and integrity of the banking sector and the UAE financial system.
