The Central imposes a financial penalty on a bank of 3 million dirhams

The United Arab Emirates Bank imposed a financial penalty on one of the banks, which amounted to 3 million dirhams, according to the provisions of Article (14) of Decree of Federal Law No. (20) of 2018 regarding the confrontation of money laundering crimes, combating terrorist financing, financing of illegal organizations and amendments, and the provisions of Article (137) of Decree Law No. (14) of 2018 regarding the central bank, organizing establishments and financial activities And its amendments.

These penalties come based on the results of the inspection operations, which revealed that the bank did not comply with the instructions issued by the central bank, stipulated in the decree of the Federal Law No. (20) of 2018 regarding facing money laundering crimes, combating terrorist financing, financing illegal organizations and amendments.

Through its regulatory and organizational duties, the central bank works to ensure the commitment of all banks and their employees to the laws in force in the United Arab Emirates, and the regulations and standards approved by it, to preserve the transparency and integrity of the banking sector, and protect the state’s financial system.