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The Central Bank of the United Arab Emirates has imposed a financial penalty on one of the banks operating in the country, pursuant to Articles 89 and 137 of Federal Decree-Law No. (14) of 2018 regarding the Central Bank and the Regulation of Financial Institutions and Activities and its amendments, and Article 14 of Federal Decree-Law No. (20) of 2018 regarding Combating Money Laundering and Combating the Financing of Terrorism and Financing of Illegal Organizations..
The value of the financial penalty amounted to (5) million dirhams, and the Central Bank directed to inform the Board of Directors of the bank’s headquarters outside the country and take appropriate corrective measures..
Through its regulatory and supervisory functions, the Central Bank of the UAE works to ensure that all banks, their owners and employees comply with the laws in force in the UAE and the Central Bank’s regulations, with the aim of maintaining the transparency and integrity of the banking sector and protecting the country’s financial system..
