CBUAE fines foreign bank branch Dh20m for AML compliance failures

The Central Bank of the UAE (CBUAE) imposed a financial penalty of Dh20,000,000 on a branch of a foreign bank, pursuant to the provisions of the Federal Decree Law Regarding the Central Bank and Organization of Financial Institutions and Activities, and its amendments. The financial penalty is based on the results of the findings of examinations conducted by the CBUAE, which revealed that the branch of the foreign bank had significant, repeated failures in its Anti-money Laundering and Combating the Financing of Terrorism and Illegal Organisations and Sanctions framework. The CBUAE further imposed an individual penalty of Dh300,000 on the Head of Compliance and Money Laundering Reporting Officer, due to his failure to fulfil his responsibilities and position functions.