The Central Bank of the UAE has imposed a financial penalty of AED 5.8 million on a bank operating in the UAE for maintaining inadequate anti-money laundering and counter-terrorism financing policies. The CBUAE announced the sanction on 2 August 2024, stating that an examination had found deficiencies in the bank's AML/CFT policies and procedures; the penalty was imposed under Article 14 of Federal Decree Law No. (20) of 2018.
The identity of the penalised institution was not disclosed in the CBUAE's public announcement.
PENALTY FOLLOWS FATF GREY-LIST EXIT
The penalty came six months after the UAE's removal from the FATF grey list in February 2024. The UAE was placed on the grey list in 2022 after FATF identified strategic deficiencies in the country's AML/CFT regime.
EXAMINATION FOUND AML/CFT DEFICIENCIES
The CBUAE said the penalty followed an examination that found deficiencies in the bank's AML/CFT policies and procedures, and that it works to ensure all banks, their owners and staff abide by UAE laws, regulations and standards to protect the transparency and integrity of the banking sector.
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