The Central Bank of the UAE imposed financial sanctions totalling 18.1 million on two branches of foreign banks operating in the UAE, following examinations that identified violations and failures to comply with the Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organisations framework and related regulations. The sanctions comprise 10,600,000 on the first bank branch and 7,500,000 on the second, imposed pursuant to Article 14 of Federal Decree Law No. 20 of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organisations.
Central Bank of the UAE 2025-05-28
Central Bank of the UAE imposes 18.1 million in AML and CFT financial sanctions on two foreign bank branches
The Central Bank of the UAE imposed financial sanctions totaling 18.1 million AED on two foreign bank branches for violations of the Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organisations framework. The penalties, 10.6 million AED and 7.5 million AED respectively, were enforced under Article 14 of Federal Decree Law No. 20 of 2018.