UAE: 11 UAE banks fined Dh45 million for breaking anti-money laundering rules

The UAE Central Bank has imposed financial sanctions of over Dh45.75 million on 11 banks for violating anti-money laundering (AML) regulations.

The financial sanctions were imposed on January 24, 2021, under 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 financial sanctions take into account the banks’ failures to achieve appropriate levels of compliance regarding their AML and Sanctions Compliance Frameworks as at the end of 2019,” said the Central Bank.

The Central Bank didn’t disclose the names of 11 banks.

Last week, India’s Bank of Baroda said in a statement to the National Stock Exchange, where it’s listed, that the UAE Central Bank had imposed Dh6.833 million (Rs135.6 million) in financial sanctions for violating anti-money laundering regulations. The lender is in talks with the relevant stakeholders and exploring its options, including filing an appeal to get the financial sanctions lifted.

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