In accordance with the Federal Decree Law Regarding the Central Bank and Organization of Financial Institutions and Activities, and its revisions, the Central Bank of the United Arab Emirates (CBUAE) fined a foreign bank branch Dhs20 million. The financial penalty is based on the findings of the CBUAE’s examinations, which showed that the foreign bank branch had serious, recurring violations of its framework for anti-money laundering, combating the financing of terrorism and illegal organizations, and sanctions.
In accordance with the Federal Decree Law Regarding the Central Bank and Organization of Financial Institutions and Activities and its amendments, the CBUAE also levied an individual penalty of Dhs300,000 on the Head of Compliance and Money Laundering Reporting Officer for failing to carry out his duties and position functions. In order to protect the transparency and integrity of the banking industry and the UAE financial system, the CBUAE works to ensure that all banks, their authorized decision makers, and their employees follow the laws, rules, and standards set forth by the CBUAE through its regulatory and supervisory mandates.
Also Read:
The Growth of Indian REITs and InvITs is Being Driven by The Increasing Participation of Investors
About Author
