UAE: 11 UAE banks fined $12.46m for anti-money laundering shortcomings

Eleven banks in the UAE have been fined a total of 45,758,333 dirhams ($12.46 million) for failing to adequately comply with rules related to money laundering and the financing of terrorism and illegal organizations.

The fines imposed by the Central Bank of the UAE (CBUAE) were imposed on Jan. 24, state news agency WAM reported.

“All banks operating in the UAE have been allowed ample time by the CBUAE to remedy any shortcomings and were instructed in the middle of 2019 to ensure compliance by the end of that year, informing them that further shortcomings would result in penalties under the Federal Decree-Law No. (20) of 2018 and its executive regulation,” WAM reported.

The CBUAE said it will impose additional fines and sanctions if banks do not improve their level of compliance.

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