Gulf News reported the Central Bank of the UAE (CBUAE) fined a UAE-licensed foreign bank branch Dh200 million after examinations found significant, repeated failures across anti-money-laundering, counterterrorism-financing, governance, compliance and sanctions systems.
Those findings involved anti-money-laundering and efforts to combat financing for terrorism and illegal organizations. They also covered governance and compliance management, along with the branch’s sanctions framework, Gulf News reported.
Gulf News reported that the branch’s chief executive officer received a separate Dh500,000 fine. Its Head of Compliance and Money Laundering Reporting Officer received a Dh300,000 penalty.
The bank must carry out a Mandatory Remediation Programme subject to independent validation, the report said. The regulator also ordered a Fit and Proper re-assessment for the CEO and chief compliance officer.
Gulf News reported that the CBUAE’s supervisory remit includes banks, authorized decision-makers and employees, with adherence to UAE law and central bank standards among its stated aims. The report also identified transparency and integrity as goals for the UAE banking sector and financial system.
