United Arab Emirates: a bank sentenced to 19.5 million dirhams for non-compliance with anti-money laundering rules – News


The Central Bank has tightened the rules relating to the fight against money laundering, the financing of terrorism



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Posted: Tue 14 Dec 2021, 12:07

The Central Bank of the United Arab Emirates fined a bank operating in the country MAD 19.5 million for failing to comply with regulations on combating money laundering and the financing of terrorism and illegal organizations (LAB / CFT).

The regulator said it had also taken administrative action against the bank for failing to comply with the country’s banking standards. However, he did not disclose the name of the bank.

The Central Bank of the United Arab Emirates recently tightened the rules on combating money laundering and terrorist financing. As a result, many banks and brokerage houses have been fined in the past year.

In October, the central bank imposed financial sanctions on six operating money changers and also fined them millions of dirhams for violating anti-money laundering and anti-terrorist financing laws.

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“All banks operating in the UAE are required to meet appropriate levels of AML / CFT compliance standards, with Central having had ample time to address any deficiencies. Where these loopholes remain, the Central Bank will impose financial sanctions. The Central Bank will continue to work closely with all licensed financial institutions in the country to achieve and maintain high levels of AML / CFT compliance, and will continue to impose new administrative and / or financial penalties, as required by law, in accordance with the law. non-compliance, ”he said in a statement on Tuesday.

The regulator asked the bank to appoint a consultant to monitor the bank and also to take urgent action to comply with the anti-money laundering and sanctions compliance framework.

“Monitoring is ongoing and the Central Bank will coordinate with the bank to complete the remediation process,” the umbrella bank said.

However, the bank has the right to appeal the financial penalty.

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