The Central Bank of the UAE (CBUAE) has fined an unnamed UAE-based bank AED 3 million for breaching anti-money laundering (AML) regulations, following an inspection that revealed serious non-compliance with AML/CFT standards outlined in Federal Decree Law No. 20 of 2018 and its amendments.
The sanctions were issued under Article 14 of the AML/CFT law and Article 137 of the Central Bank law, emphasizing the regulator’s mission to enforce transparency and integrity in the country’s financial system.
Echoing its larger enforcement strategy, which recently included fines totalling over AED 339 million across several financial firms for similar offences, CBUAE’s statement emphasised its commitment to ensuring that all banks and their employees closely conform to UAE AML/CFT laws.
This enforcement underlines the UAE’s zero-tolerance policy on financial crime risks and signals heightened scrutiny for all licensed institutions—especially in light of the UAE’s ongoing efforts to align with global AML/CFT standards.
