The Central Bank of the UAE has imposed a AED20 million penalty on an unnamed foreign bank branch operating in the country, citing repeated and material failures in its anti-money laundering, counter-terrorism financing, and sanctions compliance framework.
The penalty follows examinations conducted by the CBUAE, which found the branch had systemic shortcomings across its AML/CFT and sanctions controls. The central bank did not identify the institution by name.
In a separate action, the CBUAE fined the branch’s Head of Compliance and Money Laundering Reporting Officer AED300,000, holding the individual directly accountable for failing to carry out their role and responsibilities.
Both penalties were issued under the Federal Decree Law on the Central Bank and Organisation of Financial Institutions and Activities. The CBUAE said its supervisory mandate requires all banks, their decision-makers, and staff to comply with UAE laws and regulatory standards in order to protect the integrity and transparency of the country’s financial system.
