The Central Bank imposes financial penalties on 11 banks operating in the country

The Central Bank of the United Arab Emirates imposed financial penalties on 11 banks operating in the UAE, pursuant to the provisions of Article (14) of Federal Decree-Law No. (20) of 2018 in the matter of confronting money laundering crimes, combating the financing of terrorism and financing of illegal organizations, and the relevant decisions issued. From the Council of Ministers and the Board of Directors of the Central Bank related to countering money laundering, combating terrorist financing and financing illegal organizations.

The financial sanctions imposed on January 24, 2021, totaled 45,758,333 dirhams.

The financial sanctions take into account the failure of banks to achieve adequate levels of compliance with regard to the compliance frameworks for countering money laundering and sanctions at the end of 2019.

The Central Bank has allowed all banks operating in the UAE sufficient time to address any deficiencies, and the banks were instructed in mid-2019 to verify compliance by the end of that year, and they were also informed that any additional deficiencies would lead to penalties according to Federal Decree-Law No. (20) for the year 2018 and its implementing regulations.

The Central Bank will continue to work closely with all financial institutions in the country to achieve and maintain high levels of compliance to counter money laundering and counter terrorist financing, and it will also continue to impose more administrative and / or financial sanctions, in accordance with the law, in cases of non-compliance.

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