Latest news with #FederalDecreeLawNo.(20
Sharjah 24
10 hours ago
- Business
- Sharjah 24
CBUAE revokes licence of Sundus Exchange
Financial sanction imposed A financial penalty of AED 10 million has also been imposed on the exchange, in accordance with Article (14) of Federal Decree Law No. (20) of 2018 concerning Anti-Money Laundering (AML) and Combating the Financing of Terrorism and Illegal Organisations, including relevant amendments. Violations and examination findings The decision followed examinations by the CBUAE, which uncovered failures and violations of the AML framework and related regulations. These findings prompted the revocation and financial penalty. CBUAE reaffirms commitment to compliance The CBUAE emphasized its ongoing efforts to enforce compliance among exchange houses, their owners, and staff, ensuring adherence to UAE laws and regulatory standards. These measures aim to maintain the transparency and integrity of financial transactions and protect the UAE's financial system from illicit activities.
Khaleej Times
21-04-2025
- Business
- Khaleej Times
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.
