The Central Bank has fined 11 banks in the UAE for failing to achieve appropriate levels of compliance on regulations related to anti-money laundering.
Financial sanctions of over AED 45.7 million were imposed on the banks on January 24.
The decision was based on 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 Organisations (AML/CFT Law).
The UAE Central Bank said that all banks operating in the country were given ample time to remedy any shortcomings and were instructed in mid-2019 to ensure compliance by the end of that year.
It added that it will continue to work closely with all financial institutions in the UAE to ensure high levels of compliance and will impose further administrative and/or financial sanctions, if there are any violations.
Photos: UAE’s first operational vertiport unveiled in Abu Dhabi
France's air traffic control strikes ground flights across Europe
Blinken to meet businesses in Shanghai as he kicks off tough China trip
Tesla promises 'more affordable' cars after shelving all-new Model 2
UAE, Oman establish investment partnerships worth AED 129 billion
