The Central Bank of the UAE (CBUAE) has imposed a financial penalty of AED 200 million on a branch of a foreign bank operating in the country for repeated failures in anti-money laundering controls, governance and compliance.
The bank’s Chief Executive Officer has also been fined AED 500,000, while its Head of Compliance and Money Laundering Reporting Officer faces a penalty of AED 300,000.
The penalties follow regulatory examinations that identified significant shortcomings and failures in their respective responsibilities.
In addition, the Central Bank has ordered the bank to carry out a mandatory remediation programme, subject to independent review.
It has also required a reassessment of the suitability of the bank’s CEO and Chief Compliance Officer.
The Central Bank says the action reinforces its commitment to ensuring that banks and their senior officials comply with UAE laws and regulatory standards, and to protecting the integrity and transparency of the country’s financial system.
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