A foreign bank’s UAE branch was fined Dh200 million by the Central Bank of the UAE (CBUAE) for persistent shortcomings in its governance, compliance, and anti-money laundering policies. According to the central bank, the punishment came after investigations revealed serious and persistent flaws in the bank’s governance, sanctions framework, and anti-money laundering and counterterrorism funding policies.
In addition, the CBUAE fined the bank’s chief executive officer Dh500,000 and its head of compliance and money laundering reporting officer Dh300,000 for neglecting their duties. A obligatory remediation program must be implemented by the bank, subject to independent certification, in addition to the financial penalties. The chief executive officer and chief compliance officer’s suitability for their separate positions had to be reevaluated by the central bank.
To protect the integrity and openness of the nation’s financial system, the CBUAE stated that it would keep making sure banks, their senior decision-makers, and their personnel adhere to UAE laws and regulatory standards. After US officials suggested a specific step against the Egyptian lender due to allegations of money laundering, CBUAE ordered an immediate investigation of Banque Misr’s branches in the nation in August.
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