The penalties were imposed due to significant and repeated non-compliance with anti-money laundering (AML) guidelines.
Abu Dhabi: The Central Bank of the UAE (CBUAE) has imposed a financial penalty of Dh20,000,000 on a branch of a foreign bank, under the provisions of the Federal Decree Law on the Central Bank and the Regulation of Financial Institutions and Activities, along with its amendments.
The penalty followed the findings of supervisory examinations conducted by the CBUAE, which found significant and repeated failures in the bank branch’s Anti-Money Laundering, Countering the Financing of Terrorism and Illegal Organisations, and sanctions compliance framework.
In addition, the CBUAE imposed an individual fine of Dh300,000 on the Head of Compliance and Money Laundering Reporting Officer for failing to fulfil his duties and responsibilities.
The central bank said, through its regulatory and supervisory role, it aims to ensure that all banks, their authorised personnel, and staff comply with UAE laws and CBUAE regulations to protect the transparency and integrity of the banking sector and the wider financial system.
