UAE: Bank fined Dh3 million for violating anti-money laundering law

A bank has been fined Dh3 million by the UAE Central Bank for failing to comply with anti-money laundering laws.

The bank failed to keep up with the rules stipulated in Decree Federal Law No. (20) of 2018 on Anti-money Laundering and Combating the Financing of Terrorism and Illegal Organisations and its amendments, the authority said on Thursday.

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The authority said that it works to ensure that all banks and their staff abide by local laws and regulations to safeguard the transparency of the banking sector and the UAE financial system.

Written by

Meher Dhanjal

Meher Dhanjal is a Digital Journalist who breaks news first and breathes second. She loves chasing page views and finding stories that tug at readers’ heartstrings.