Central Bank of UAE Fines Bank Dh5.8 Million for Breaching AML/CFT Regulations

The Central Bank of the UAE (CBUAE) imposed a Dh5.8 million fine on a bank on Friday for violating anti-money laundering (AML) and countering the financing of terrorism (CFT) regulations, as well as rules related to illegal organisations.

The fine was levied following an examination that uncovered deficiencies in the bank's AML/CFT policies and procedures.

The Central Bank cited Article 14 of Federal Decree Law No. (20) of 2018 on AML/CFT for this enforcement action. The specific bank's name was not disclosed.

The CBUAE's supervisory and regulatory efforts aim to ensure that all banks, their owners, and employees adhere to UAE laws and the standards set by the CBUAE, maintaining the transparency and integrity of the banking sector and the UAE financial system.

Additionally, last week the Central Bank revoked the license of Galaxy Insurance Broker due to a substandard compliance framework. This administrative action followed an examination that revealed Galaxy's failure to meet regulatory obligations.

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