UAE Central Bank Fines 11 Banks for Compliance Failure

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The United Arab Emirates’ central bank imposed financial sanctions on 11 banks operating in the country for their failure to reach appropriate levels of compliance on anti-money laundering and sanctions.

The sanctions imposed on Jan. 24 amounted to a total of 45.76 million dirhams ($12.5 million), the regulator said in a statement. It didn’t identify the banks.

All banks operating in the UAE have been allowed “ample time” by the central bank to remedy any shortcomings and were instructed in the middle of 2019 to ensure compliance by the end of that year, it said.

  • The fines were imposed under Article 14 of the Federal Decree Law No. (20) of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Financing of Illegal Organisation.
  • Link to statement: UAE Central Bank: CBUAE imposes financial sanctions on 11 banks operating in the UAE 2021-01

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