Central Bank sanctions Iran Bank Melli UAE
The Central Bank of the United Arab Emirates has imposed strict penalties on the branches of Bank Melli Iran in the country, following violations related to non-compliance with local regulations and legislation, particularly those concerning anti-money laundering, counter-terrorism financing, and proliferation financing. The measures include a ban on all of the bank's branches in the UAE from conducting any financial transactions with Iran, encompassing trade finance and financial transfers, based on the findings of inspections and the legal authorities of the Central Bank. These steps aim to strengthen the integrity of the financial system and ensure compliance with international best practices to maintain the integrity of the UAE's financial market.
Notice: This Is an AI-Generated Summary
Comments (0)