The UAE Central Bank. ARCHIVE

The UAE Central Bank ended on Tuesday (October 3) a two-year administrative sanction imposed on a bank operating in the country. The Central Bank imposed sanctions against the bank on August 4, 2021 under the UAE’s Anti-Money Laundering and Combating Financing of Terrorism and Illegal Organizations law. The bank was previously found violating the Central Bank’s directives on the appointment of a consultant to address and correct its compliance framework. The Central Bank has collaborated with the local bank throughout the remediation process to ensure that it complies with the rules for financial institutions. ICA/Expat Media
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