Central Bank fines foreign bank 20M AED
The Central Bank of the United Arab Emirates imposed a fine of 20 million dirhams on a licensed foreign bank branch operating in the country, due to repeated and serious failures in combating money laundering, terrorist financing, and unlawful organizations, based on inspection findings. Additionally, an individual penalty of 300,000 dirhams was imposed on the Head of the Anti-Money Laundering Compliance and Reporting Department for neglecting their duties.
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