ABU DHABI: The United Arab Emirates’ central bank has fined a branch of a foreign bank 20 million dirhams ($5.4 million) for repeated breaches of anti-money laundering and counter-terrorism financing regulations, it said on Tuesday.
The regulator also imposed a 300,000 dirham penalty on the bank’s compliance officer over related violations. The central bank did not name the lender involved.
It said the penalties were issued following inspections and investigations that found repeated non-compliance with the UAE’s financial regulations. The UAE has stepped up enforcement of its anti-money laundering framework in recent years as part of a national strategy running from 2024 to 2027 aimed at strengthening financial oversight and combating illicit finance.
