Photo for illustrative purposes only. ARCHIVE

The Central Bank of the UAE (CBUAE) has imposed a fine of Dh5.8 million on one bank for various violations in its anti-money laundering and counter-terrorism financing policies. The sanction was imposed after an investigation revealed serious shortcomings in the bank's procedures, according to the CBUAE, which did not name the bank. The authority highlighted its "firm commitment to enforcing compliance with UAE financial regulations" and said it will "maintain the integrity and transparency of banking in the sector". The fine was based on the recent withdrawal of Galaxy Insurance Broker for a weaker compliance framework. The CBUAE continues to prioritize regulatory vigilance to uphold financial standards across the industry. FAR/Expat Media
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