UAE Central Bank fines foreign bank $5.4 million over anti-money laundering failures

The UAE Central Bank has imposed a fine of $5.4 million on a foreign bank operating in the country for failing to comply with anti-money laundering regulations.

UAE Central Bank fines foreign bank $5.4 million over anti-money laundering failures

The Central Bank of the United Arab Emirates has imposed a financial penalty of $5.4 million (approximately Dh20 million) on a foreign bank branch operating within the country for breaches of anti-money laundering and combating the financing of terrorism (AML/CFT) obligations.

The monetary sanction reflects the regulator's continued enforcement actions against financial institutions that fail to maintain adequate compliance frameworks. The central bank did not publicly name the penalized institution in its announcement.

This penalty forms part of a broader pattern of regulatory oversight in the UAE's financial sector. Authorities have intensified scrutiny of banks and money service businesses to ensure alignment with international standards on preventing illicit financial flows.

The UAE has faced pressure from the Financial Action Task Force (FATF) to strengthen its anti-money laundering regime. In response, regulators have stepped up inspections and penalties across the banking and real estate sectors.

Source: Arabian Business

Source: Google News UAE — Courts & Fraud