“The Central” imposes financial penalties on two branches of a foreign two -two -dirham two branches

The United Arab Emirates Central Bank imposed financial penalties on two branches of foreign two works working in the country, whose value for the first bank amounted to 10.6 million dirhams, and the second bank is 7.5 million dirhams, according to Article 14 of the decree of Law No. 20 of 2018 regarding facing money laundering crimes, combating terrorist financing and financing illegal organizations.

Financial penalties come based on the results of the inspections conducted by the Central Bank on the two foreign banks, which showed the existence of failures and violations related to non -compliance with the framework of facing money laundering crimes, combating terrorist financing, financing illegal organizations, and relevant legislation.

Through its regulatory and organizational duties, the central bank works to ensure the commitment of all banks and their employees to legislation and laws in force in the UAE, and the regulations and standards approved by it, with the aim of preserving the transparency and integrity of financial transactions within the framework of efforts to protect the state’s financial system.