The Central Bank of the UAE (CBUAE) imposed a financial sanction on a bank operating in the UAE after an examination found failures to comply with Anti-money Laundering and Combating the Financing of Terrorism and Illegal Organisations policies and procedures. The penalty was imposed under Article 14 of the Federal Decree Law No. 20 of 2018 on Anti-money Laundering and Combating the Financing of Terrorism and Illegal Organisations, as amended. The CBUAE framed the action as part of its supervisory and regulatory mandate to ensure banks and their staff comply with UAE laws, regulations and standards adopted by the CBUAE.
Central Bank of the UAE 2025-04-21
Central Bank of the UAE imposes financial sanction on a UAE bank for AML and CFT compliance failures
The Central Bank of the UAE imposed a financial sanction on a bank for non-compliance with Anti-money Laundering and Combating the Financing of Terrorism and Illegal Organisations policies. The penalty was enforced under Article 14 of the Federal Decree Law No. 20 of 2018. This action aligns with the CBUAE's mandate to ensure adherence to UAE laws and standards.