The Central Bank imposes a financial penalty of 20 million dirhams on a foreign bank branch

The Central Bank of the United Arab Emirates imposed a financial penalty on a branch of a foreign bank licensed in the country amounting to 20 million dirhams, in accordance with the provisions of the Federal Decree Law regarding the Central Bank and the Regulation of Financial Institutions and Activities, and its amendments.
The financial penalty was imposed based on the results of inspections conducted by the Central Bank, which revealed repeated and serious failures at the foreign bank branch within the framework of combating money laundering, combating the financing of terrorism, financing illegal organizations, and related sanctions.
The Central Bank also imposed an individual penalty amounting to 300,000 dirhams on the head of the compliance department and the money laundering reporting officer, for failing to perform his responsibilities and duties of his position, in accordance with the provisions of the Federal Decree Law regarding the Central Bank and the Regulation of Financial Institutions and Activities, and its amendments.
The Central Bank, through its supervisory and regulatory tasks, works to ensure that all banks and their employees adhere to the legislation in force in the UAE, and the regulations and standards approved by it, with the aim of preserving the transparency and integrity of the banking sector and protecting the country’s financial system.