Latest news with #FederalDecreeLawNo.
ARN News Center
2 days ago
- Business
- ARN News Center
Two foreign bank branches fined AED 18 million for regulatory breaches
The Central Bank of the UAE has issued major financial penalties against two foreign bank branches operating in the country. The first bank was fined AED 10.6 million, while the second faces a penalty of AED 7.5 million. This comes after examinations by the Central Bank uncovered violations of anti-money laundering laws and failures to comply with regulations on combating the financing of terrorism and illegal organisations. The names of the banks involved have not been disclosed by the authority. In a statement, the Central Bank said it remains committed to ensuring that all banks and their employees follow national laws and uphold the highest standards of transparency, compliance and financial integrity. The #CentralBankUAE imposed financial sanctions on two branches of foreign banks operating in the UAE, amounting to AED10,600,000 for the first bank and AED7,500,000 for the second bank, pursuant to Article (14) of the Federal Decree Law No. (20) of 2018 on Anti-Money Laundering… — Central Bank of the UAE (@centralbankuae) May 28, 2025
Dubai Eye
3 days ago
- Business
- Dubai Eye
Two foreign bank branches fined AED 18 million for regulatory breaches
The Central Bank of the UAE has issued major financial penalties against two foreign banks operating in the country. The first bank was fined AED 10.6 million, while the second faces a penalty of AED 7.5 million. This come after examinations by the Central Bank uncovered violations of anti-money laundering laws and failures to comply with regulations on combating the financing of terrorism and illegal organisations. The names of the banks involved have not been disclosed by the authority. In a statement, the Central Bank said it remains committed to ensuring that all banks and their employees follow national laws and uphold the highest standards of transparency, compliance and financial integrity. The #CentralBankUAE imposed financial sanctions on two branches of foreign banks operating in the UAE, amounting to AED10,600,000 for the first bank and AED7,500,000 for the second bank, pursuant to Article (14) of the Federal Decree Law No. (20) of 2018 on Anti-Money Laundering… — Central Bank of the UAE (@centralbankuae) May 28, 2025
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
Al Etihad
3 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.
Filipino Times
5 days ago
- Business
- Filipino Times
When can your job contract end in the UAE? Here's what MoHRE says
Whether you're a first-time OFW in the UAE or someone who's been working here for years, it's important to know when and why your work contract can legally end. Sometimes, it's expected, like when you resign or your contract expires. But there are also less obvious situations that can lead to contract termination. According to the Ministry of Human Resources and Emiratisation (MoHRE), here are nine official reasons a work contract can end in the UAE, based on Federal Decree Law No. (33) of 2021: Mutual agreement – If both you and your employer agree to end the contract, then it's valid. Contract expiration – If your limited-time contract ends and isn't renewed, it's automatically over. One party requests termination – You or your employer can end the contract, as long as the proper legal steps and notice period are followed. Death of employer – If your work depends directly on the employer and they pass away, the contract ends. Death or disability of the employee – If the employee dies or is permanently disabled and can no longer work, the contract is terminated. It should be substantiated by a certificate issued by a medical authority. Imprisonment – If the worker gets a final court conviction that results in a prison term of 3 months or more, the job ends automatically. Permanent closure of the company – If the business shuts down permanently and this is confirmed by the authorities, contracts are terminated. Bankruptcy or economic reasons – If the employer can no longer operate due to financial loss or exceptional events, contracts may end. Failure to renew work permit – If the employee can't renew their work permit (for reasons not their fault), the contract ends. Knowing these reasons helps protect your rights and lets you understand what to expect. If you experience any of these, you're not alone—and most of them are backed by proper legal steps. If unsure, consult MOHRE or your HR team for guidance.
