The Central Bank imposes strict sanctions on the branches of Bank Melli Iran operating in the United Arab Emirates

The Central Bank of the UAE has announced the imposition of strict enforcement measures against the branches of Bank Melli Iran operating in the UAE, in accordance with Article (168-1-C) of Federal Decree-Law No. (6) of 2025 regarding the Central Bank, Regulation of Financial Institutions and Activities, and Insurance Business. These measures have been taken as a result of violations related to non-compliance with the regulations, laws, and supervisory decisions in force in the UAE, including the requirements and obligations set out under legislation related to combating money laundering, the financing of terrorism and proliferation financing.
Based on the results of the examinations, and in accordance with the powers granted to the Governor of the Central Bank of the UAE under the applicable laws and regulations, it has been decided to prohibit all branches of Bank Melli Iran operating in the UAE from conducting any financial transactions to or from Iran, including trade finance and fund transfers.