UAE Central Bank fines foreign bank Dh20m for breaching money laundering rules | The National

The UAE Central Bank has taken steps to protect the transparency and integrity of the country's financial system. Photo: WamThe UAE Central Bank has taken steps to protect the transparency and integrity of the country's financial system. Photo: WamPenalty is among highest imposed on financial entity operating in country

The UAE Central Bank fined an unnamed foreign bank branch Dh20 million ($5.5 million) for repeated failures in anti-money laundering and counter-terrorism financing compliance.

The bank branch's head of compliance received an additional Dh300,000 fine for failing to fulfil his responsibilities.

The penalty ranks among the highest ever imposed by UAE regulators on financial entities breaching the country's stringent anti-money laundering rules.

The Central Bank "endeavours to ensure that all banks, its authorised decision makers and its staff abide by the UAE laws, regulations and standards," the regulator said.