Sharjah24 - WAM: The Central Bank of the UAE (CBUAE) has imposed financial sanctions on two foreign bank branches in the UAE, totaling AED 10,600,000 for the first bank and AED 7,500,000 for the second. These actions were taken under Article (14) of the Federal Decree Law No. (20) of 2018 concerning Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organizations.
The sanctions stemmed from CBUAE examinations that uncovered violations and non-compliance with the relevant anti-money laundering regulations.
Through its supervisory and regulatory roles, the CBUAE aims to ensure that all banks and their personnel adhere to UAE laws and regulations, thereby maintaining the transparency and integrity of financial transactions and protecting the UAE's financial system.
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