https://gulfnews.com/business/banking/uae-central-bank-fines-local-bank-dh3-million-for-aml-compliance-failures-1.500193684

The Central Bank of the UAE (CBUAE) has imposed a financial penalty of Dh3 million on a UAE-based bank for violating anti-money laundering (AML) regulations, the regulator announced on Thursday.

The sanction was issued concerning Anti-Money Laundering and Combatting the Financing of Terrorism and Illegal Organisations, along with federal law regarding the Central Bank and regulation of financial institutions.

The fine follows findings from regulatory examinations, which revealed that the bank had failed to comply with the Central Bank’s instructions on AML standards, as outlined in the decree law and its subsequent amendments.

In its statement, the CBUAE reaffirmed its commitment to upholding the integrity of the financial system. “The Central Bank, through its supervisory and regulatory mandates, works to ensure that all banks and their staff adhere to the UAE laws, regulations, and standards adopted by the CBUAE,” it said.

The enforcement action underscores the Central Bank’s ongoing efforts to enhance transparency and compliance across the UAE’s banking and financial sector, especially in light of global efforts to combat illicit finance.