The UAE Central Bank imposed a financial sanction of Dh1.8 million on a finance company for not complying with anti-money laundering and anti-terror financing laws, it said on Thursday.
The central bank has also asked the company to remedy the violations and directed the board of directors to meet and rectify issues related to its composition.
“The sanctions follow a review by a third party consultant and an examination conducted by the CBUAE that revealed high risk and repeated AML/CFT violations by the finance company in addition to operational failings by the Board of Directors,” the central bank said in a statement.
“The findings illustrate that the finance company engaged in high risk, repeated violations and had an overall weak compliance culture relating to policies and procedures designed for AML/CFT.”
