By Staff Reporter
ABU DHABI – The Central Bank of the UAE (CBUAE) has imposed a financial penalty of Dh20 million on a branch of a foreign bank after uncovering serious and repeated failures in its anti-money laundering and counter-terrorism financing controls.
The sanction was issued under the provisions of the Federal Decree Law regarding the Central Bank and the regulation of financial institutions and activities.
According to the CBUAE, the penalty followed regulatory examinations that identified significant breaches in the bank’s Anti-Money Laundering (AML), Combating the Financing of Terrorism (CFT), sanctions compliance, and measures aimed at preventing the financing of illegal organisations.
In addition to the institutional fine, the Central Bank imposed an individual penalty of Dh300,000 on the bank’s Head of Compliance and Money Laundering Reporting Officer for failing to adequately perform his responsibilities and duties.
The regulator said the action reflects its commitment to enforcing compliance across the UAE’s banking sector and ensuring financial institutions adhere to laws and regulations designed to protect the integrity and transparency of the country’s financial system.
The CBUAE reaffirmed that it will continue to use its supervisory and regulatory powers to hold banks and their senior officials accountable for failures that could undermine the UAE’s financial stability and reputation.
Source: Gulf News
