Home Industry Finance UAE fines foreign bank Dhs5m for money laundering breaches The central bank directed the foreign bank to present the regulator’s action to its board of directors by Kudakwashe Muzoriwa September 16, 2024 Image credit: CBUAE The UAE central bank said on Monday it fined a foreign bank operating in the country $1.4m (Dhs5m) for failing to sufficiently address money laundering and financing of terrorism and other related deficiencies. The “financial sanction on a bank” was imposed in accordance with specific provisions outlined in the Federal Decree Law No. (14) of 2018 regarding the Central Bank & Organization of Financial Institutions and Activities, as well as the Federal Decree Law No. (20) of 2018 on Anti-money Laundering and Combating the Financing of Terrorism and Illegal Organizations. The Central Bank of the UAE (CBUAE) didn’t disclose the name of the bank. The central bank ordered the bank to present its board with the regulator’s action. Through its supervisory and regulatory mandates, the CBUAE ensures that all banks, their owners and staff abide by the UAE’s laws, regulations and standards to safeguard the transparency and integrity of the country’s banking sector and financial system. CBUAE fined a local bank Dhs5.8m for failing to adequately address money laundering and financing of terrorism in August. The UAE, home to the Abu Dhabi Global Market and Dubai International Financial Centre, was removed from the grey list of the global watchdog Financial Action Task Force (FATF) in February, capping a push by the authorities to clamp down on illicit financial flows. The reforms that the UAE implemented to exit FATF’s grey list include increasing financial investigations and prosecutions, boosting international cooperation, and aligning virtual asset regulation with international standards. Read: UAE strengthens anti-financial crime efforts with new MoU Tags AML Central Bank of the UAE CFT finance UAE You might also like UAE to host first regional centre of excellence to boost food security DIB issues $500m AT1 sukuk at 5.25% profit rate Etihad Rail secures global partnerships to boost infrastructure, operations Empowering women entrepreneurs: unlocking a multi-trillion-dollar opportunity