The financial penalty on a bank in the UAE comes as a result of inspections conducted by the Central Bank of the UAE.
duty Central Bank of the United Arab Emirates A financial penalty of 5.8 million dirhams on Bank operating in UAE Pursuant to Article (14) of Federal Decree-Law No. (20) of 2018 regarding combating money laundering, combating the financing of terrorism and the financing of illegal organizations.
The financial penalty comes as a result of inspections conducted by the Central Bank of the UAE, which revealed shortcomings in the policies and procedures taken by the bank regarding combating money laundering, combating the financing of terrorism and financing of illegal organizations.
Through its regulatory and supervisory duties, the Central Bank of the UAE works to ensure that all banks, their owners and employees comply with the laws in force in the country and the Central Bank’s regulations, with the aim of maintaining the transparency and integrity of the banking sector and protecting the country’s financial system.
