The Central Bank of the UAE (CBUAE) announced the conclusion of the administrative measures it had previously imposed on a bank operating in the UAE.
This is a result of the bank’s compliance with CBUAE directives regarding the appointment of a consultant to take action and remediate its Anti-Money Laundering (AML) Compliance Framework.
On August 4, 2021, the CBUAE imposed administrative measures on the bank, in accordance with article 14 of Federal Decree Law No. 20 of 2018 on the Fight against Money Laundering and the Financing of Terrorism and Illegal Organizations (AML/CFT). ), and the articles and decisions of the Cabinet and the Board of Directors of the CBUAE in relation to AML/CFT.
The CBUAE continued to coordinate with the bank to complete the remediation process.
CBUAE works closely with authorized financial institutions in the UAE to ensure their compliance with AML/CFT regulations, and has been given sufficient time to remedy any deficiencies. In cases of non-compliance, the CBUAE will impose additional administrative and/or financial sanctions.
Through its regulation and supervision of the financial sector, the CBUAE will continue to work closely with all authorized financial institutions to ensure their compliance with UAE laws and regulations and the standards set by the CBUAE to maintain the integrity of the banking system and improve financial stability.
News source: Emirates News Agency