The Central Bank of the UAE (CBUAE)\nimposed financial sanctions on 11 banks operating in the UAE, pursuant to Article\n14 of the Federal Decree Law No. (20) of 2018 on Anti-Money Laundering and\nCombating the Financing of Terrorism and Financing of Illegal Organisations\n(AML\/CFT Law), the pertinent articles and decisions of the Cabinet and Central\nBank Board of Directors in relation to AML\/CFT. \n <\/p>\n\n\n\n
The financial sanctions imposed on 24\nJanuary 2021 amounted to a total value of AED 45,758,333.<\/p>\n\n\n\n
The financial sanctions take into account\nthe banks\u2019 failures to achieve appropriate levels of compliance regarding their\nAML & Sanctions Compliance Frameworks as at the end of 2019. <\/p>\n\n\n\n
All banks operating in the UAE have been\nallowed ample time by the CBUAE to remedy any shortcomings and were instructed\nin the middle of 2019 to ensure compliance by the end of that year, informing\nthem that further shortcomings would result in penalties under the Federal\nDecree Law No. (20) of 2018 and its executive regulation.<\/p>\n\n\n\n
The CBUAE will continue to work closely\nwith all financial institutions in the UAE to achieve and maintain high levels\nof AML\/CFT compliance and will continue to impose further administrative and\/or\nfinancial sanctions, as per the law, in cases of non-compliance.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Central Bank of the UAE (CBUAE) imposed financial sanctions on 11 banks operating in the UAE, pursuant to Article 14 of the Federal Decree Law No. (20) of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Financing of Illegal Organisations (AML\/CFT Law), the pertinent articles and decisions of the Cabinet and …<\/p>\n","protected":false},"author":2,"featured_media":30264,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,4],"tags":[],"class_list":["post-30374","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-economy","category-news"],"_links":{"self":[{"href":"https:\/\/www.uaebarq.ae\/en\/wp-json\/wp\/v2\/posts\/30374","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.uaebarq.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.uaebarq.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.uaebarq.ae\/en\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.uaebarq.ae\/en\/wp-json\/wp\/v2\/comments?post=30374"}],"version-history":[{"count":1,"href":"https:\/\/www.uaebarq.ae\/en\/wp-json\/wp\/v2\/posts\/30374\/revisions"}],"predecessor-version":[{"id":30375,"href":"https:\/\/www.uaebarq.ae\/en\/wp-json\/wp\/v2\/posts\/30374\/revisions\/30375"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.uaebarq.ae\/en\/wp-json\/wp\/v2\/media\/30264"}],"wp:attachment":[{"href":"https:\/\/www.uaebarq.ae\/en\/wp-json\/wp\/v2\/media?parent=30374"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.uaebarq.ae\/en\/wp-json\/wp\/v2\/categories?post=30374"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.uaebarq.ae\/en\/wp-json\/wp\/v2\/tags?post=30374"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}