UAE, 2 August, 2024 : The Central Bank of the UAE (CBUAE) has imposed a financial sanction of AED 5.8 million on a bank operating in the UAE. This action, in line with Article 14 of Federal Decree Law No. (20) of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organizations, follows an examination that revealed deficiencies in the bank’s AML/CFT policies and procedures.
The CBUAE emphasized its commitment to ensuring all banks and their staff comply with UAE laws and regulations to maintain the transparency and integrity of the country's banking sector and financial system.
Source : www.centralbank.ae
Related Posts
Why your two returns must tell the same story, and how to reconcile them before the FTA asksYour Co...
Read More
Core topic: Why the connections between accounts, transactions and business activity can reveal fina...
Read More
When everything looks legitimateA company is registered. Contracts are prepared. Documents are signe...
Read More