iPhone | iPad
Android
Huawei
The first centre will bring together academic researchers and practitioners from the private sector to develop and share best practices in responsible AI
KT APPDOWNLOAD
UAE Central Bank fines a bank Dh5 million for violating anti-money laundering laws
The unnamed bank was also found to be financing illegal organisations
The Central Bank (CBUAE) on Monday imposed a fine of Dh5 million on a bank operating in the UAE for violating anti-money laundering laws and for funding illegal organisations.
The financial sanction was imposed according to articles 89 and 137 of the Federal Decree Law No. (14) of 2018 regarding the Central Bank & Organisation of Financial Institutions and Activities and its amendments, and article 14 of the Federal Decree Law No. (20) of 2018 on Anti-money Laundering and Combating the Financing of Terrorism and Illegal Organisations.
Stay up to date with the latest news. Follow KT on WhatsApp Channels.
The CBUAE directed the bank to present the Central Bank's action to the board of directors of the overseas headquarters. However, the name of the bank was not disclosed.
The CBUAE, through its supervisory and regulatory mandates, works to ensure that all banks, their owners and staff abide by the UAE laws, regulations and standards adopted by the CBUAE to safeguard the transparency and integrity of the banking industry and the UAE financial system.
ALSO READ:
More news from Business
The UAE has already signed CEPA with major trading partners such as India, Israel, Chile, Colombia, Turkey, Indonesia, Georgia and Cambodia
New developments hold key to the future of work, expert says
A year-on-year (YoY) increase of 20.2 per cent, or Dh135 billion, was recorded
Course offers training in English language, interviewing skills, resume writing, and job search tips
One of the key areas of focus under the MoU is marketing and promotion
Sector increasingly intertwined with high-value investments
Policyholders can get coverage limits of Dh25,000 or Dh50,000 for a 12-month term