The Central Bank of the UAE (CBUAE) has levied an AED20 million fine on a branch of a foreign bank following regulatory findings related to weaknesses in its compliance systems.
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In a statement, the regulator said the action followed examinations that found significant and repeated failures in the bank's framework for combating money laundering, terrorist financing, illegal organisations, and sanctions-related risks.
The CBUAE also fined the bank's Head of Compliance and Money Laundering Reporting Officer AED300,000, saying the individual had failed to fulfil responsibilities linked to the role.
The penalties were issued under the Federal Decree Law regarding the Central Bank and the organisation of financial institutions and activities.
The central bank said it remains committed to ensuring banks and their employees comply with UAE laws and regulatory standards aimed at protection the integrity and transparency of the country's financial system.
