UAE Central Bank fines foreign bank branch 200 million dirhams for violating anti-money laundering laws
The Central Bank of the UAE has fined a branch of a foreign bank 200 million dirhams ($54.5 million) for systemic failures in anti-money laundering. Personal fines were imposed on the branch head and the head of the compliance function. The bank has been ordered to implement a mandatory corrective action plan with an independent review.
Otabek Yusupov