ALBAWABA – Central Bank of UAE (CBUAE) issued a fine of Dh5.8 million to a local bank over anti-money laundering violation. After the inspections made by the central bank of UAE, the local bank revealed deficiencies in its AML/CFT policies and procedures.
Anti-money laundry violations
The local bank was found guilty for violating anti-money laundry rules and regulations. The bank was fined for Dh5.8 million by the Central Bank of UAE (CBUAE) on Friday. The local bank is also facing charges for terrorism financing as well as financing illegal organizations.
The local bank was found guilty for violating anti-money laundry rules and regulations. (Shutterstock)
The financial sanctions issued by the Central Bank of UAE (CBUAE) were imposed on the local bank under Article 14 of the Federal Decree Law No. (20) of 2018 on AML/CFT. The name of the local bank was not announced publicly as per the Central Bank of UAE.
The fine was issued by the Central Bank UAE (CBUAE) under its framework for ensuring that all banks comply with the financial regulations and laws within the country. The regular inspections and examinations ran by the Central Bank will ensure maintaining transparency and integrity of the banking sector and protecting the country’s financial system.
