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CBUAE fines UAE bank for anti-money laundering lapses

CBUAE fines UAE bank for anti-money laundering lapses

CBUAE fines UAE bank for anti-money laundering lapses

Aug 02, 2024

ABU DHABI: The Central Bank of the UAE (CBUAE) imposed a financial sanction on a bank operating in

the UAE, pursuant to 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.

The financial sanction is the result of the findings of an examination conducted by the CBUAE, which

revealed that the bank had deficiencies in its AML/CFT policies and procedures. Accordingly, the CBUAE

has imposed a fine of AED5,800,000 on the bank.

The CBUAE, through its supervisory and regulatory mandates, works to ensure that all banks, their

owners and staff abide by the UAE laws, regulations and standards adopted by the CBUAE to safeguard

the transparency and integrity of the banking sector and the UAE financial system.