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11 banks penalised by UAE's central bank for violating anti-money laundering rules

Monday 1 February 2021 10:28 CET | News

The UAE Central Bank has penalised 11 banks for violating anti-money laundering (AML) regulations, imposing financial sanctions of over USD 124,55 mln (Dh 45.75 million).

The sanctions were imposed on January 24, 2021, under Article 14 of the Federal Decree Law No. (20) of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Financing of Illegal Organisations (AML/CFT Law).

‘The financial sanctions consider 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. Furthermore, the bank noted that all banks operating in the country have been given ample time to remedy any shortcomings and were instructed in the middle of 2019 to ensure compliance by the end of that year.

It had warned banks then that further shortcomings regarding AML would result in penalties. The Central Bank didn’t disclose the names of 11 banks.


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Keywords: AML, banks, penalty, reporting suspicious activity, fraud prevention, United Arab Emirates, central bank
Categories: Banking & Fintech | Payments General
Countries: United Arab Emirates
This article is part of category

Banking & Fintech