“The Central” imposes a penalty of 5.9 million dirhams on a foreign bank branch

The United Arab Emirates Central Bank imposed a financial penalty on a foreign bank branch in the country, which amounted to 5 million and 900 thousand dirhams, according to Article 14 of the decree of Federal Law No. 20 of 2018 regarding facing money laundering crimes, combating terrorist financing, financing illegal organizations and amendments.

Financial penalties come based on the results of the inspections conducted by the Central Bank, which showed that there are failures 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.