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UAE Central Bank Blocks Melli Iran Transactions
The Central Bank of the UAE announced that it has taken stringent enforcement measures against the branches of Bank Melli Iran in the country, due to violations related to non-compliance with local regulations and legislation, particularly those concerning anti-money laundering and terrorist financing. Based on inspection results, a ban has been imposed on all of the bank’s branches in the UAE from conducting any financial transactions with Iran, including trade financing and money transfers, in order to maintain the integrity of the financial system and ensure that financial institutions adhere to the highest standards of oversight.
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