A regulatory authority in the UAE has imposed substantial financial penalties on two branches of foreign banks operating within the country, citing violations related to anti-money laundering (aml) and the financing of terrorism and illegal organizations.
The penalties, issued in accordance with article (14) of federal decree law no. (20) of 2018, amount to dh10,600,000 for the first bank and dh7,500,000 for the second, totaling dh18.1 million.
These sanctions highlight the uae’s unwavering dedication to maintaining the integrity of its financial system and adhering to global norms in the fight against illicit financial activities. Regulators stressed that financial institutions must strictly follow aml and counter-terrorism financing regulations, and failure to do so will lead to severe consequences.
The decision to relocate the central bank’s headquarters signifies the uae’s commitment to improving regulatory oversight, promoting transparency, and protecting the financial sector from being misused for illegal activities.