The Times of India

UAE Central Bank fines foreign bank branch AED20 million over anti-money laundering failures

A foreign bank's UAE branch has been hit with a hefty AED20 million fine by the Central Bank of the UAE. This action stems from serious and recurring lapses in the bank's anti-money laundering and counter-terrorist financing systems. The bank's Head of Compliance also faces a AED300,000 penalty for failing to meet their duties, underscoring the regulator's commitment to financial system integrity.