CBUAE imposes a AED 20M penalty on a branch of a foreign bank following examinations that identified significant and repeated deficiencies in its AML/CFT and sanctions compliance framework

The bank was found to have weaknesses in its compliance systems and controls, resulting in breaches of the UAE’s AML/CFT regulatory requirements. The enforcement action, taken under the relevant provisions of the UAE’s AML/CFT legislation, underscores the CBUAE’s commitment to ensuring that financial institutions maintain effective governance, risk management, customer due diligence, transaction monitoring, and sanctions screening controls…