The Central Bank of the UAE has imposed a financial penalty of 20,000,000 on a branch of a foreign bank after examinations found significant and repeated failures in its Anti-money Laundering and Combating the Financing of Terrorism and Illegal Organisations and Sanctions framework. The action was taken under the Federal Decree Law Regarding the Central Bank and Organization of Financial Institutions and Activities, as amended. The Central Bank of the UAE also imposed an individual penalty of 300,000 on the branch's head of compliance and money laundering reporting officer for failing to fulfil the responsibilities of that role.
Central Bank of the UAE2026-06-24
Central Bank of the UAE fines branch of foreign bank 20,000,000 over repeated AML and sanctions control failures
The Central Bank of the UAE fined a branch of a foreign bank 20,000,000 after examinations found significant, repeated failures in its AML, terrorist financing, illegal organisations and sanctions framework. It also imposed a 300,000 individual penalty on the head of compliance and money laundering reporting officer for failing to discharge that role's responsibilities.