Latest news with #UAEcentralBank
The National
28-05-2025
- Business
- The National
UAE Central Bank fines two foreign bank branches Dh18.1m for breaching anti-money laundering rules
The UAE Central Bank has fined two branches of foreign banks operating in the country a cumulative fine of Dh18.1 million ($4.9 million) for breaching anti-money laundering regulations, as the fight against illegal financial activity continues. The regulator imposed a fine of Dh10.6 million on the first bank and Dh7.5 million on the second bank, it said in a statement on Wednesday, without naming the lenders. Penalties were slapped on the branches of foreign lenders for 'violations and failures' to comply with the anti-money laundering, combating the financing of terrorism and illegal organisations framework, and related regulations, the CBUAE statement added. The fines were imposed based on the findings of examinations the banking regulator has conducted, it said. 'The UAE Central Bank, 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 it to maintain transparency and integrity of the financial transactions and safeguard the UAE financial system,' the regulator said in the statement. An exchange house was fined Dh200 million by the UAE Central Bank last week for breaching anti-money laundering regulations. A financial sanction of Dh500,000 was also imposed on a branch manager, who has also been prohibited from holding any position within any licensed financial institutions in the UAE, the regulator said. The Emirates has made significant strides in the fight against financial crime in recent years. Effective policies on money laundering and combating the financing of terrorism are key to the integrity and stability of the international financial system and the economies of nations, according to the International Monetary Fund. Last year, the UAE announced a nationwide action plan aimed at boosting its fight against illicit financial activity by introducing the 2024-27 National Strategy for Anti-Money Laundering, Countering the Financing of Terrorism and Proliferation Financing. The strategy has 11 goals outlining the 'legislative and regulatory reforms the UAE is taking to prevent the impact of illegal activities on society', and was developed by the General Secretariat of the National Committee using World Bank Group methodology to ensure it meets international standards. In August last year, the government amended its laws on anti-money laundering, and the financing of terrorism and illegal organisations. A National Committee for Anti-Money Laundering and Combating the Financing of Terrorism and Financing of Illegal Organisations was formed as a result. In 2021, the government founded an Executive Office for Anti-Money Laundering and Counter-Terrorism Financing after passing an anti-money laundering and terrorism financing law in 2018.
Zawya
21-05-2025
- Business
- Zawya
UAE born Genesis Platform ignites a new era of AI-driven third-party cyber-risk management for the GCC
Third-Party Risk Management (TPRM) is the discipline of identifying, assessing, and continuously monitoring the cybersecurity posture of the hundreds or even thousands of external vendors, suppliers, and partners modern enterprises rely on. Because every connected third party can become an attacker's entry point, TPRM has become a board-level priority across banking, energy, government, and beyond. Genesis Platform, the UAE-built platform that automates this entire lifecycle, today announced the GCC rollout of its next-generation TPRM solution while simultaneously showcasing the platform inside the official UAE Pavilion at GITEX Europe (Berlin, 21–23 May 2025). The launch comes at a pivotal moment: the Middle East records the world's second-highest breach costs averaging US $8.75 million per incident. Why the Timing Is Perfect for the GCC Regulatory Pressure: The UAE Central Bank's Outsourcing Regulation requires banks to prove robust third-party oversight. Central Bank Rulebook Saudi Arabia's National Cybersecurity Authority (NCA) mandates a documented third-party cybersecurity policy in its Essential Cybersecurity Controls. Digital-Economy Ambitions: The UAE's 2031 vision and the region's broader digital-economy strategies hinge on trusted supply chains and secure data interchange. CybersecAsia The UAE's 2031 vision and the region's broader digital-economy strategies hinge on trusted supply chains and secure data interchange. CybersecAsia Escalating Risk & Cost: Breach costs in the Middle East rose nearly 9 % in the past year, outpacing global averages. The National The UAE's First Home-Grown Third-Party Cyber-Risk Platform Engineered for the Gulf's evolving threat landscape, Genesis gives UAE organisations a clear benchmark of their own and their vendors' cyber-security maturity. By fusing real-time external-attack-surface data with AI-driven analytics, the platform delivers actionable insights that go far beyond traditional vendor scorecards. What Makes Genesis Different Legacy Approach Genesis Advantage Static questionnaires that delay onboarding by weeks AI Auto-Fill cuts vendor response time by up to 90 % One-off assessments Continuous outside-in scanning (DNS, misconfig, breach intel) keeps scores live Siloed spreadsheets Unified dashboard mapping scores to Global standards like ISO 27001, DORA, GDPR and more Manual remediation follow-up AI-generated fixes and workflow tracking built in Availability Genesis is now inviting GCC organisations to join its Early Adopter Programme, offering: 20-day full-feature trial Complimentary vendor-portfolio scan (up to 10 suppliers) Executive risk briefing aligned to local regulations About Genesis Genesis is the GCC's first home-grown, AI-powered third-party cybersecurity risk-management platform. Headquartered in Ras Al Khaimah, the company's mission is to accelerate secure digital transformation by eliminating manual questionnaires and delivering real-time vendor intelligence.
