UAE Central Bank fines local bank Dh5 million for anti-money laundering law violations.

The Central Bank of the UAE has fined an unnamed local bank Dh5 million (approximately $1.36 million) for violating anti-money laundering laws and financing illegal organizations. This penalty stems from breaches of federal laws aimed at regulating financial institutions. The bank's board must review the decision. This action aligns with the UAE's efforts to strengthen its financial regulatory framework and uphold international standards against financial crime.

September 16, 2024
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