UAE Central Bank Strengthens Banking Compliance with Dh20 Million Fine
ABU DHABI — The Central Bank of the UAE has imposed a Dh20 million financial penalty on a branch of a foreign bank following examinations that revealed significant and repeated failures in its anti-money laundering and counter-terrorism financing framework.
The penalty was issued under the Federal Decree Law Regarding the Central Bank and Organization of Financial Institutions and Activities.
In a separate action, the Central Bank also imposed a Dh300,000 penalty on the branch’s Head of Compliance and Money Laundering Reporting Officer for failing to fulfil his responsibilities and position functions.
The Central Bank said the penalties are part of its supervisory and regulatory mandate to ensure all banks and their staff comply with UAE laws and standards designed to safeguard the transparency and integrity of the banking sector and the financial system.
The identity of the bank was not disclosed in the statement. The Central Bank did not specify the timeframe of the examinations or the nature of the compliance breaches beyond the general description of anti-money laundering and counter-terrorism financing failures. The penalties reflect a continued focus on regulatory enforcement in the UAE’s banking sector.
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