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UAE bank fined Dh5.8 million over anti-money laundering violations

The regulator said that sanctions were imposed after an examination found that the bank had deficiencies in its AML/CFT policies and procedures

Published: Fri 2 Aug 2024, 11:34 AM

Updated: Fri 2 Aug 2024, 8:27 PM

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The Central Bank of the UAE (CBUAE) on Friday imposed a fine of Dh5.8 million a bank for violating rules on anti-money laundering and combating the financing of terrorism (AML/CFT)and financing of illegal organisations.

The regulator said that financial sanctions were imposed after an examination found that the bank had deficiencies in its AML/CFT policies and procedures. The Central Bank said the financial sanctions were imposed under Article 14 of the Federal Decree Law No. (20) of 2018 on AML/CFT.

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The Central Bank didn’t disclose the name of the bank.

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 sector and the UAE financial system.

Last week, the Central Bank revoked the licence of Galaxy Insurance Broker (Galaxy) for a weaker compliance framework. The administrative sanction was a result of the findings of an examination conducted by the Central Bank, which revealed that Galaxy had a weak compliance framework and failed to comply with its regulatory obligations.

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