UAE Central Bank bars Bank Melli Iran from conducting transactions
The UAE Central Bank has barred Bank Melli Iran from conducting any financial transactions between its UAE branches and Iran after investigations found the Tehran-based lender had failed to comply with anti-money laundering regulations. The ban, announced on Thursday as part of the regulator's “strict enforcement” measures, covers trade finance and fund transfers to and from Iran. Bank Melli Iran…
The UAE Central Bank has prohibited Bank Melli Iran from engaging in any financial transactions between its branches in the UAE and Iran, following an investigation that revealed the Tehran-based lender had violated anti-money laundering regulations. This ban, announced on Thursday as part of the regulator's "strict enforcement" measures, includes trade finance and fund transfers to and from Iran.
Bank Melli Iran, one of Iran's largest lenders, operates eight branches in the UAE. The decision stems from non-compliance with UAE laws and supervisory decisions concerning money laundering, terrorism financing, and proliferation financing.
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Also reported by 4 other outlets
- UAE Central Bank bars Bank Melli Iran from conducting transactions thenationalnews.com
- UAE Central Bank sanctions Bank Melli Iran over compliance violations gulfnews.com
- UAE central bank sanctions local branches of Iran’s Bank Melli timesofisrael.com
- Central bank official rates of banking metals as of September 24 en.interfax.com.ua
