Abu Dhabi: The Central Bank of the UAE has imposed a financial penalty of AED 20 million on a branch of a licensed foreign bank operating in the country, in accordance with the provisions of the Federal Decree-Law on the Central Bank and the Regulation of Financial Institutions and Activities and its amendments.The penalty was issued following inspection findings by the Central Bank, which revealed repeated and serious deficiencies by the bank branch in combating money laundering, terrorist financing and the financing of illicit organisations, as well as related compliance requirements.In addition, the Central Bank imposed an individual penalty of AED 300,000 on the Head of Compliance and the Anti-Money Laundering Reporting Officer for failing to perform their responsibilities and duties, under the same legal provisions.The Central Bank stated that, through its supervisory and regulatory role, it continues to ensure that banks and their employees comply with applicable UAE legislation and the standards adopted by the regulator. These measures aim to maintain transparency and integrity within the banking sector and safeguard the country’s financial system.
