Latest news with #financialsanction
Khaleej Times
3 days ago
- Business
- Khaleej Times
UAE: Exchange house fined Dh800,000 for violating anti-money laundering laws
The Central Bank of the UAE (CBUAE) has imposed a financial sanction of Dh800,000 on an exchange house operating within the country. The penalty was issued in accordance with Article (137) of Decretal Federal Law No. (14) of 2018 concerning the Central Bank and the Organisation of Financial Institutions and Activities, along with its subsequent amendments. The inancial sanction follows an examination conducted by the CBUAE, which uncovered that the exchange house had failed to comply with anti-money laundering and combating the financing of terrorism (AML/CFT) policies and procedures. These regulatory shortcomings were deemed serious enough to warrant financial penalty. The CBUAE, through its supervisory and regulatory mandates, endeavours to ensure that all exchange houses, their owners, and staff comply the UAE laws, regulations and standards established by the CBUAE to maintain transparency and integrity of the exchange houses industry and safeguard the UAE financial ecosystem
Zawya
16-07-2025
- Business
- Zawya
CBUAE imposes financial sanction on branch of foreign bank
The Central Bank of the UAE (CBUAE) imposed a financial sanction of AED600,000 on a branch of a foreign bank operating in the UAE, pursuant to Article (137) of the Decretal Federal Law No. (14) of 2018 Regarding the Central Bank and Organisation of Financial Institutions and Activities, and its amendments. The financial sanction is based on the results of the findings of examinations conducted by the CBUAE, which revealed that the branch of the foreign bank had failed to comply with the Market Conduct and Consumer Protection Regulations and Standards. 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.
Arabian Business
02-07-2025
- Business
- Arabian Business
UAE Central Bank slaps $1.6mn fine on foreign bank branch for AML violations
The Central Bank of the UAE (CBUAE) has imposed a financial sanction of AED 5,900,000 on a foreign bank branch operating in the Emirates. The sanction follows Article 14 of Federal Decree Law No. 20 of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organisations and its amendments. A central bank examination revealed the bank's failures to comply with its Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organisations framework, along with related regulations. The central bank stated it endeavours to ensure all banks and their staff abide by UAE laws, regulations and standards through its supervisory and regulatory mandates. The central bank said these measures maintain the transparency and integrity of financial transactions and safeguard the country's financial system.
Zawya
02-07-2025
- Business
- Zawya
Central Bank of UAE imposes financial sanction of $1.60mln on branch of foreign bank
ABU DHABI - The Central Bank of the UAE (CBUAE) imposed a financial sanction of AED5,900,000 on foreign bank branch 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 sanction is based on a CBUAE examination, which revealed the bank's failures to comply with its 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.
Khaleej Times
02-07-2025
- Business
- Khaleej Times
UAE Central Bank penalises foreign bank with Dh5.9 million fine
The Central Bank of the UAE (CBUAE) imposed a financial sanction of 5,900,000 on foreign bank branch 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 sanction is based on a CBUAE examination, which revealed the Bank's failures to comply with its 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.
