The UAE Central Bank imposed financial penalties with a total value of 45 million 758 thousand and 333 dirhams on 11 banks operating in the country.
According to the Emirates News Agency, these penalties come in accordance with the provisions of Article 14 of Federal Decree-Law No. 20 of 2018 in the matter of confronting money laundering crimes, combating terrorist financing and financing non-governmental organizations. The law, and the relevant decisions issued by the Council of Ministers and the Board of Directors of the Central Bank related to confronting money laundering, combating the financing of terrorism and financing illegal organizations.
> The financial sanctions take into account the failure of banks to achieve adequate levels of compliance in relation 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 banks were directed in mid-2019 to verify compliance by the end of that year .. as well. It was informed that any additional deficiencies would result in penalties under Decree-by-Federal Law No. 20 of 2018 and its implementing regulations.
The Central Bank will continue to work closely with all financial institutions in the country to achieve high levels of compliance to counter money laundering and counter terrorist financing, and to maintain them. Imposing more administrative and / or financial penalties, in accordance with the law, in cases of non-compliance.
