UAE Central Bank hits banking entity with 'financial sanction'

Dubai: A UAE bank has been hit with financial sanctions by the UAE Central Bank for gaps in its internal anti-money laundering processes.

The regulator imposed the penalty after after 'assessing the findings of an examination' done by it, which revealed the bank failed to comply with Anti-AML and related policies.

"The financial penalty has been imposed The CBUAE, through its supervisory and regulatory mandates, works to ensure that all banks and their staff, abide by the UAE laws, regulations and standards adopted by the CBUAE," said a statement.

The bank's identity has not been revealed.

There have been multiple instances where banks have fallen foul of the central bank's strict compliance requirements on AML and related processes. It has also cracked the whip on currency exchange houses and on insurers.

It was last year that the Central Bank announced all its policing of anti money laundering operations will be handled by a new internal entity NAMLCFTC.