The Central Bank of the UAE imposed a financial sanction of AED 5,900,000 on a branch of a foreign bank operating in the UAE following supervisory findings of non-compliance with Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organisations requirements. The sanction was 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 and its amendments, and follows a CBUAE examination that identified failures to comply with the bank’s AML and CFT framework and related regulations.
Central Bank of the UAE 2025-07-02
Central Bank of the UAE fines a foreign bank branch AED 5.9 million for AML and CFT framework breaches
The Central Bank of the UAE has fined a foreign bank branch AED 5,900,000 for non-compliance with Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organisations regulations. This enforcement action follows a supervisory examination revealing deficiencies in the bank's AML and CFT framework, as per Article 14 of Federal Decree Law No. 20 of 2018.