CBUAE fines foreign bank branch AED 200 million for AML violations
UAE Regulator Imposes AED 200 Million AML Fine on Foreign Bank Branch
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The Central Bank of the UAE (CBUAE) fined a foreign bank branch AED 200 million for serious and repeated failures in AML/CFT, governance, compliance and sanctions controls. The bank’s CEO and head of compliance were fined AED 500,000 and AED 300,000, respectively. The bank must also carry out mandatory remediation and undergo an independent review, while the two executives will face new fit and proper assessments.
The penalties cover the bank branch, two senior executives and subsequent remediation and reviews, illustrating the scope of the UAE’s enforcement of AML/CFT governance responsibilities.
Source:Fintech News Middle East · fintechnews.ae