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UAE Central Bank imposes fines worth Dhs45.75m on 11 banks

UAE Central Bank imposes fines worth Dhs45.75m on 11 banks

The financial sanctions were imposed on January 24, 2021

The Central Bank of the UAE (CBUAE) has imposed financial sanctions on 11 banks operating in the country.

The financial sanctions were imposed on January 24, 2021, and amounted to a total value of Dhs45.75m.

The penalties were based on the banks’ failures to achieve appropriate levels of compliance regarding their anti-money laundering (AML) and sanctions compliance frameworks as at the end of 2019, CBUAE said in a statement.

The fines were levied pursuant to Article 14 of the Federal Decree Law No. (20) of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Financing of Illegal Organisations (AML/CFT Law), the pertinent articles and decisions of the Cabinet and Central Bank Board of Directors in relation to AML/CFT.

All banks operating in the UAE were accorded enough time by the Central Bank to remedy shortcomings. They were instructed in the middle of 2019 to ensure compliance by the end of that year. All banks were informed of penalties in the occurrence of further shortcomings under the Federal Decree Law No. (20) of 2018 and its executive regulation.

While continuing to work in tandem with financial institutions, the CBUAE will impose further administrative and/or financial sanctions on the basis of non-compliance.

Last month, multiple banks across the country posted their financial results for 2020. Dubai lender Emirates NBD recorded a 52 per cent slide in net profit last year, while National Bank of Fujairah stated a net loss of Dhs475m for 2020.

Read: Dubai’s Emirates NBD reports a 52% slide in net profit for 2020

Read more: National Bank of Fujairah posts net loss of Dhs475m for 2020

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