The Central Bank of the UAE (CBUAE) has imposed a Dh5 million fine on a bank for violating anti-money laundering laws and funding illegal organisations. The penalty, announced on Monday, was based on Federal Decree Laws No. (14) of 2018 and No. (20) of 2018, which govern financial institutions and anti-money laundering efforts in the UAE.
Although the bank’s name was not revealed, the CBUAE directed the institution to inform its overseas headquarters’ board of directors about the sanction. The Central Bank remains committed to ensuring compliance with UAE laws and maintaining the integrity of the nation’s financial system.