UAE Central Bank Fines Foreign Bank Branch Dh20 Million Over AML Violations
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Abu Dhabi: The Central Bank of the UAE (CBUAE) issued a Dh20 million punishment on a foreign bank branch after regulatory inspections revealed major deficiencies in its anti-money laundering (AML), counter-terrorism financing (CFT), and sanctions compliance framework.
According to the regulator, the penalty was imposed in accordance with the country's banking and anti-money laundering regulations after inspections indicated that the bank failed to maintain effective systems and controls to meet regulatory standards. The CBUAE did not reveal the name of the bank.
In another enforcement action, the central bank fined the bank's Head of Compliance and Money Laundering Reporting Officer Dh300,000 for failing to fulfil regulatory obligations in accordance with UAE standards.
The CBUAE stated that the measures reflect its commitment to ensuring that all banks and financial institutions operating in the UAE adhere to international norms and national legislation aimed to protect the financial system's integrity, transparency, and stability.
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