The Central Bank of the EAU (CBUAE) has imposed financial sanctions on a bank that operates in the EAU for not complying with the anti-launch of money and the combination of terrorism financing and illegal organizations and procedures.
The financial fine imposed after the CBUAE evaluated the findings of its examination in the matter. The name of the bank and the amount of penalty was not revealed.
This was carried out under article (14) of the Federal Decree Law. (20) of 2018 on money laundering and the combination of terrorism financing and illegal organizations and their amendments.
All banks, staff must comply with the laws of the EAU
Through its supervision and regulation mandates, the CBUAE ensures that all banks and their staff comply with the laws, regulations and standards of the EAU to safeguard the transparency and integrity of the banking sector and the financial system of the EAU.
On March 25, the CBUAE had imposed financial sanctions AED2.62 million in five banks and two insurance companies for breach of the reporting procedures required by the Common Report Standard Guidelines (CRS) and the Law of Founding Taxes (FATCA).
