Abu Dhabi: The Central Bank of the UAE (CBUAE) has imposed financial sanctions on 11 banks operating in the UAE, WAM reported.
The financial sanctions imposed on 24 January amount to a total value of AED 45,758,333, the report added.
The financial sanctions have been imposed following the banks’ failure to comply with rules on anti-money laundering and terror funding clauses as at the end of 2019.
The banks have been allowed ample time to remedy any shortcomings and were instructed in the middle of 2019 to ensure compliance by the end of that year, CBUAE and WAM said.
The CBUAE has said it will continue to work closely with all financial institutions in the UAE to achieve and comply with rules and will continue to impose further administrative and/or financial sanctions, as per the law, in cases of non-compliance.
Photo courtesy: WAM