“The Central” is a foreign bank branch of 5.9 million dirhams

The Central Bank imposed a financial penalty on a foreign bank branch in the state, amounting to 5.9 million dirhams, according to Article 14 of the decree of a federal law No. 20 of 2018 regarding facing money laundering crimes, combating terrorist financing, financing of illegal organizations and amendments.

The penalty comes based on the results of the inspections conducted by the “central”, which showed that there are failures related to non -compliance with the framework of facing money laundering crimes, combating terrorist financing, financing of illegal organizations, and relevant legislation.

Through its regulatory and regulatory tasks, the Central works to ensure the commitment of banks and their employees to legislation and laws in force in the state, and the regulations and standards approved by him.