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 Central Bank of the UAE has imposed severe restrictions on Bank Melli Iran's branches operating within the country, citing violations of financial regulations. This decision follows non-compliance with existing laws, including those aimed at preventing money laundering, terrorism financing, and proliferation financing. The Central Bank has prohibited all Bank Melli Iran branches in the UAE from engaging in any financial transactions, both inbound and outbound, with Iran, including trade finance and fund transfers.
These measures are part of the UAE's ongoing efforts to maintain the integrity of its financial system and ensure that financial institutions comply with the highest standards of compliance, aligning with international best practices.
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- 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
