Abu dhabi: The Central Bank of the UAE (CBUAE) imposed a financial sanction on a bank amounting to AED3,000,000. This action was taken in accordance with Article 14 of the Federal Decree Law No. (20) of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Financing of Illegal Organisations and its amendments, as well as Article 137 of the Decretal Federal Law No. (14) of 2018 Regarding the Central Bank and Organisation of Financial Institutions and Activities and its amendments.
According to Emirates News Agency, the sanction followed CBUAE examinations which identified the bank's failure to adhere to Central Bank instructions as outlined in the Decree Federal Law No. (20) of 2018 regarding Anti-money Laundering and Combating the Financing of Terrorism and Illegal Organisations, along with its amendments.
The CBUAE, leveraging its supervisory and regulatory roles, is committed to ensuring that banks and their personnel comply with UAE laws, regulations, and standards. This is part of a broader effort to maintain the transparency and integrity of the banking sector and the financial system within the UAE.