UAE bank faces hefty fine for breaching anti-money laundering rules

File picture

The Central Bank of the UAE has imposed a fine of AED 3 million on a bank for failing to comply with anti-money laundering regulations.

The penalty follows inspections that revealed violations of federal laws aimed at combating money laundering, terrorism financing, and the funding of illegal organisations.

The name of the bank involved has not been disclosed.

Authorities say the action is part of ongoing efforts to ensure all financial institutions operate transparently and in line with UAE laws and Central Bank standards.

 

More from UAE

On Virgin Radio today

  • Non Stop Hits

    Midnight - 6:00am

    The UAE's #1 Hit Music Station with no interruptions

  • The Kris Fade Show

    6:00am - 10:00am

    Kris, Priti and Rossi host the UAE's biggest radio show. It's full of fun, laughs and it's Where The Stars Live.

Trending on Virgin Radio