The Central Bank of the UAE (CBUAE) has imposed a monetary sanction of AED 3,000,000 on a financial institution following compliance failures associated to anti-money laundering rules.
The sanction was imposed pursuant to Article 14 of the Federal Decree Law No. (20) of 2018 on Anti-Cash Laundering and Combating the Financing of Terrorism and Financing of Unlawful Organisations and its amendments, and Article 137 of the Decretal Federal Legislation No. (14) of 2018 Concerning the Central Financial institution and Organisation of Monetary Establishments and Actions and its amendments.
The sanctions end result from the central financial institution’s examinations, which revealed the financial institution’s failure to adjust to the central financial institution directions, which stipulated within the Decree Federal Legislation No. (20) of 2018 on Anti-money Laundering and Combating the Financing of Terrorism and Unlawful Organisations and its amendments.
The CBUAE said that by way of its supervisory and regulatory mandates, it “works to make sure that all banks and their employees, abide by the UAE legal guidelines, rules and requirements adopted by the CBUAE to safeguard the transparency and integrity of the banking sector and the UAE monetary system,” the Emirates Information Company (WAM) stated in a statement.