UAE fines foreign banks and exchange house for AML/CFT breaches

Two branches of foreign banks operating in the UAE have been fined D10,600,000 (US$2,885,975) and D7,500,000 (US$2,041,965) respectively after inspections by the Central Bank of the UAE (CBUAE) discovered they had not complied with anti-money Laundering and combating the financing of terrorism (AML/CFT) obligations under federal law.

Two branches of foreign banks operating in the UAE have been fined D10,600,000 (US$2,885,975) and D7,500,000 (US$2,041,965) respectively after inspections by the Central Bank of the UAE (CBUAE) discovered they had not complied with anti-money Laundering and combating the financing of terrorism (AML/CFT) obligations under federal law.