The Central Bank of the UAE (CBUAE) has imposed financial sanctions on a bank operating in the UAE for failing to comply with the Anti-money Laundering and Combating the Financing of Terrorism and Illegal Organisations policies and procedures.
The financial penalty was imposed after the CBUAE assessed the findings of its examination into the matter. The name of the bank and the quantum of penalty were not disclosed.
This was done under 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.
All banks, staff must abide by the UAE laws
Through its supervisory and regulatory mandates, the CBUAE ensures that all banks and their staff abide by the UAE laws, regulations and standards to safeguard the transparency and integrity of the banking sector and the UAE financial system.
On March 25, the CBUAE had imposed financial sanctions totalling AED2.62 million on five banks and two insurance companies for non-compliance with the reporting procedures required by the Common Reporting Standard (CRS) and Foreign Account Tax Compliance Act (FATCA) guidelines.
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