Date: August 02, 2024
Source: https://www.khaleejtimes.com/
Abu Dhabi – The Central Bank of the UAE (CBUAE) has imposed a hefty fine of Dh5.8 million on an undisclosed bank for breaching anti-money laundering (AML) and counter-terrorism financing (CFT) regulations.
An examination conducted by the CBUAE revealed significant deficiencies in the bank’s AML/CFT policies and procedures, leading to the imposition of financial sanctions under Article 14 of the Federal Decree Law No. (20) of 2018.
The move underscores the CBUAE’s unwavering commitment to maintaining the integrity of the UAE’s financial system. The regulator continues to enforce stringent measures to combat financial crimes and protect the public.
Last week, the Central Bank revoked the license of Galaxy Insurance Broker due to similar compliance failures, highlighting the regulator’s zero-tolerance approach to such breaches.
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