UAE fines foreign bank branch Dh200 million for breaching money laundering laws

The Central Bank of the UAE has imposed a fine of Dh200 million ($54,458,815) on a foreign bank branch for violating anti-money laundering laws, according to prosecutors. The bank's chief executive was additionally penalised Dh500,000 and the head of compliance and money laundering reporting officer Dh300,000. The penalty stems from repeated failures by the branch in anti-money laundering, financing terrorism, governance, compliance management and sanctions frameworks, as determined by the Central Bank's investigations.

The bank has been ordered to implement a mandatory corrective action plan, have it independently reviewed, and reassess the suitability of its chief executive and chief compliance officers for their roles. The Central Bank oversees banks and their staff to ensure adherence to UAE laws and CBUAE rules, promoting transparency and trustworthiness in the banking sector and financial system.