The Central Bank of the UAE imposed a financial sanction on a bank operating in the country after identifying violation of rules and regulations.
The decision is pursuant to articles 89 and 137 of the Federal Decree Law No. (14) of 2018 regarding the Central Bank and Organisation of Financial Institutions and Activities and its amendments, and 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 CBUAE has fined the bank AED5m ($1.4m), and directed the bank to present the Central Bank’s action to the board of directors of the overseas headquarters.
CBUAE fines bank $1.4m
The Central Bank, through its supervisory and regulatory mandates, works to ensure that all banks, their owners and staff abide by the UAE laws, regulations and standards adopted by the Central Bank to safeguard the transparency and integrity of the banking industry and the United Arab Emirates financial system.
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