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UAE

UAE Central Bank fines local bank AED 5 million for violating anti-money laundering laws

Unnamed bank penalized for breaching regulations and financing illegal organizations

UAE Central Bank fines local bank AED 5 million for violating anti-money laundering laws

The CBUAE penalized a bank for violations linked to money laundering and funding illegal activities.

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  • Fine issued under Federal Decree Laws No. 14 and No. 20 of 2018.
  • CBUAE yet to disclose bank’s name.
  • CBUAE emphasizes ongoing efforts to ensure compliance with UAE laws to protect the banking sector.

    • The Central Bank of the UAE (CBUAE) announced on Monday that it has fined a UAE-based bank AED 5 million for breaching anti-money laundering regulations and financing illegal organizations.

    The penalty was issued in accordance with Articles 89 and 137 of Federal Decree Law No. (14) of 2018, which governs the Central Bank and financial institutions, as well as Article 14 of Federal Decree Law No. (20) of 2018 on Anti-Money Laundering and Countering the Financing of Terrorism and Illegal Organizations.

    The CBUAE instructed the bank to notify its board of directors at its overseas headquarters of the recent development, but did not disclose the name of the bank involved.

    In its regulatory role, the CBUAE ensures that banks, their management, and staff adhere to UAE laws to promote transparency and safeguard the country’s financial sector.

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