UAE Central Bank penalises foreign bank with Dh5.9 million fine

The Central Bank of the UAE (CBUAE) has imposed a financial penalty of Dh5.9 million on a foreign bank branch operating within the country for failing to comply with anti-money laundering regulations.

The name of the bank penalised by the apex bank was not disclosed.

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According to a statement by the CBUAE, the fine follows a regulatory examination that uncovered the bank’s failure to implement adequate measures in line with the UAE's AML framework and related regulations.

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The action was taken under Article 14 of Federal Decree Law No. (20) of 2018, concerning Anti-Money Laundering (AML) and Combating the Financing of Terrorism and Illegal Organisations, along with its amendments.

The Central Bank, through its supervisory and regulatory mandates, aims to ensure that all banks and their employees comply fully with the UAE’s laws and regulatory standards, the statement read. This is essential to maintain transparency and integrity across financial transactions and to safeguard the stability of the UAE’s financial system.

The CBUAE reiterated its commitment to carrying out its supervisory and regulatory responsibilities, particularly in reinforcing compliance with AML and counter-terrorism financing requirements among licensed financial institutions.