11 UAE BANKS FINED FOR BREAKING ANTI-MONEY LAUNDERUNG RULES

  • 31/01/2021

 The UAE Central Bank has imposed financial sanctions of over Dh45.75 million on 11 banks for violating anti-money laundering (AML) regulations.“The financial sanctions take into account the banks’ failures to achieve appropriate levels of compliance regarding their AML and Sanctions Compliance Frameworks as at the end of 2019,” said the Central Bank.The Central Bank didn’t disclose the names of 11 banks.The Central Bank said it aims to maintain high levels of AML/CFT compliance and warned that it will continue to impose further administrative and/or financial sanctions, as per the law, in cases of non-compliance.

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