iPhone | iPad
Android
Huawei
This will be the first time since 1968 that the Picasso masterpiece will be on display outside the United States
KT APPDOWNLOAD
UAE Central Bank fines firm Dh1.8 million for money laundering
It has been asked to remediate the violations as well as rectify issues related to the composition of the board of directors
File photo
The Central Bank of the UAE (CBUAE) has imposed penalty on a financial company for weak compliance culture as well as for violating laws of anti-money laundering and combating the financing of terrorism (AML/CFT) and illegal organisations.
The regulator fined Dh1.8 million to the company and asked it to remediate the violations as well as rectify issues related to the composition of the board of directors.
However, the apex bank didn’t disclose the name of the finance company.
The regulator imposed financial sanctions on exchange houses last year for violating the AML/CFT laws of the country.
On Thursday, the sanctions were imposed on the finance company after a review was carried out by a consultant and also examined by the Central Bank which revealed high risk and repeated AML/CFT violations by the company in addition to operational failings by the board of directors.
“The findings illustrate that the finance company engaged in high risk, repeated violations and had an overall weak compliance culture relating to policies and procedures designed for AML/CFT,” the regulator said on Thursday.
The Central Bank said all finance companies, their owners and staff must abide by the UAE laws, and regulations to safeguard the transparency and integrity of the business of finance companies and the UAE financial system.
ALSO READ:
More news from UAE
Visitors to the Middle East’s largest theme park destination will have two opportunities to enjoy the Saudi-themed fireworks at 7pm and 9pm
The Ruler of Dubai said that he 'followed the interview' that 'reflected the strength of achievement' in Saudi Arabia
The certificate introduced aims to accredit bands and troupes performing traditional arts after thorough evaluation
The mission has asked people to follow safety instructions issued by the Philippines
A police official underscored failing to stick to the mandatory lane is subject to a fine of Dh400
The new prize structure introduces exciting opportunities for those matching numbers four, three, and two
The Ministry of Defense added that this is due to the ongoing preparations for an upcoming military parade to be held in November in Abu Dhabi