CBUAE imposes a financial sanction of AED 5.9M on a branch of a foreign bank operating in the UAE for failing to comply with UAE’s AML/CFT framework and related regulations

The penalty was issued under Article 14 of the Federal Decree Law No. 20 of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organisations. The sanction followed a regulatory examination which found that the bank had failed to comply with UAE’s AML/CFT framework and related regulations. CBUAE reaffirmed its commitment to enforcing compliance to safeguard the transparency and integrity of the financial system….