UAE, 17 September, 2024 : The Central Bank of the UAE (CBUAE) has imposed a financial sanction of AED 5 million on a bank operating in the UAE. This action is in accordance with articles 89 and 137 of the Federal Decree Law No. (14) of 2018, and article 14 of the Federal Decree Law No. (20) of 2018 concerning Anti-money Laundering and Combating the Financing of Terrorism.
The CBUAE has also directed the bank to present the sanction to the board of directors at its overseas headquarters. This penalty underscores the CBUAE’s commitment to enforcing compliance with UAE laws and maintaining the integrity of the financial system.
Source : www.centralbank.ae
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