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CBUAE imposes sanction of AED5.9 M. on branch of foreign bank

July 02, 2025 / 1:31 PM
CBUAE imposes sanction of AED5.9 M. on branch of foreign bank
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Sharjah24 – WAM: The Central Bank of the UAE (CBUAE) imposed a financial sanction of AED5,900,000 on foreign bank branch operating in the UAE, pursuant to Article (14) of the Federal Decree Law No. (20) of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organisations and its amendments.

The financial sanction is based on a CBUAE examination, which revealed the bank’s failures to comply with its Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organisations framework, and related regulations.

The CBUAE, through its supervisory and regulatory mandates, endeavours to ensure that all banks and their staff, abide by the UAE laws, regulations and standards established by the CBUAE to maintain transparency and integrity of the financial transactions and safeguard the UAE financial system.

July 02, 2025 / 1:31 PM

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