Foreign bank branch in UAE fined Dh200 million
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“Foreign bank branch in UAE fined Dh200 million”
The Central Bank of the UAE has imposed a financial penalty of Dh200 million on a branch of a foreign bank licensed in the UAE, pursuant to the provisions of the Federal Decree Law Regarding the Central Bank and Organisation of Financial Institutions and Activities. The financial penalty is based on the results of the findings of examinations conducted by the CBUAE, which revealed that the branch had significant, repeated failures in its Anti-money Laundering and Combating the Financing of…
Read at Gulf News“UAE fines foreign bank branch Dh200 million for breaching money laundering laws”
The Central Bank of the UAE fined a foreign bank branch Dh200 million ($54,458,815) for violating anti-money laundering laws. The CBUAE also penalised the chief executive Dh500,000 and the head of compliance and money laundering reporting officer Dh300,000 under the Federal Decree Law Regarding the Central Bank and Organisation of Financial Institutions and Activities and its amendments, for not fulfilling their responsibilities. The penalty follows investigations by the Central Bank, which…
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