A foreign bank was fined 20 million dirhams in the UAE
The UAE Central Bank has imposed a Dh20 million fine on a branch of a foreign bank following regulatory findings related to weaknesses in its compliance systems.The regulatory body said in a statement that the measure came after examinations that found significant and repeated failures in the bank’s framework to combat money laundering, terrorist financing, illegal organizations, and risks associated with sanctions.The Central Bank also imposed a fine of 300,000 dirhams on the head of the bank’s compliance and money laundering reporting department, saying that this person had failed to fulfill his responsibilities associated with the role.The penalties were issued pursuant to a federal decree law regarding the Central Bank and the regulation of financial institutions and activities.The central bank said it remains committed to ensuring that banks and their employees comply with UAE laws and regulatory standards aimed at protecting the integrity and transparency of the country’s financial system.