Latest news with #foreignbanks
Arabian Business
28-05-2025
- Business
- Arabian Business
CBUAE issues $5m fines to foreign banks
The Central Bank of the UAE has imposed financial sanctions worth $5m on two branches of foreign banks operating in the UAE, The sanctions amounted to AED10.6m ($2.9m) for the first bank and AED7.5m ($2m) 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. CBUAE sanctions foreign banks Investigations 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 country's financial system.
Zawya
28-05-2025
- Business
- Zawya
CBUAE imposes financial sanctions of 18.1mln on two branches of foreign banks operating in the UAE
Abu Dhabi: The Central Bank of the UAE (CBUAE) imposed financial sanctions on two branches of foreign banks operating in the UAE, amounting to 10,600,000 for the first bank and 7,500,000 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, endeavors 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.
Zawya
28-05-2025
- Business
- Zawya
CBUAE imposes financial sanctions of $4.93mln on 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 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 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.
Khaleej Times
28-05-2025
- Business
- Khaleej Times
UAE central bank imposes over Dh18 million fine against 2 foreign bank branches
A UAE authority 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 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, endeavors 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.
Reuters
20-05-2025
- Business
- Reuters
Rupee slips along with local stocks and Chinese yuan even as dollar softens
MUMBAI, May 20 (Reuters) - The Indian rupee weakened on Tuesday as dollar bids from foreign banks, likely on behalf of custodial clients, and a softer Chinese yuan outweighed positive cues from broad weakness in the greenback. The rupee closed at 85.6350 against the U.S. dollar, down about 0.3% on the day. Asian currencies were mixed on the day while the offshore Chinese yuan dipped lower after China cut key benchmark lending rates and corporate seasonal demand for dollars remained high. A fall in local equities also weighed on the rupee, with traders pointing to dollar demand from foreign banks, likely spurred by mild outflows from local stocks. Benchmark Indian equity indexes closed down by about 1% each on the day while the yield on the country's benchmark 10-year bond dipped. The rupee should stabilize in the 84-86 band "aligning with its historical tendency to regain equilibrium after sharp currency movements," analyst at DBS said in a Tuesday note. The local currency had declined to its all-time low of 87.95 in February but has since clawed back losses despite spurts of volatility trigged by shifts in U.S. trade policies and the India-Pakistan conflict. The currency's 1-month implied volatility , a gauge of future expectations, has eased to about 5% after rising above 7% last week when the conflict flared up. Traders reckon that in the near-term currency markets will remain focused on developments arising from trade deal negotiations. The dollar meanwhile, appeared under pressure amid uncertainty over trade policy, concerns about the U.S. fiscal outlook, and fading confidence in the long-held exceptionalism of U.S. assets. Speculators are net short the dollar to the tune of $17.32 billion, close to the most bearish position on the buck since July 2023, according to CFTC data. On the day, the dollar index was down nearly 0.3% at 100.1.
