The Central Bank of the UAE. ARCHIVE
The Central Bank of the UAE (CBUAE) has prohibited all branches of Bank Melli Iran operating in the UAE from conducting financial transactions to and from Iran following regulatory violations.
The measures were imposed on Wednesday (September 23) under At the UAE Federal Decree-Law concerning the Central Bank, Regulation of Financial Institutions and Activities, and Insurance Business.
According to the CBUAE, examinations found violations involving non-compliance with UAE laws, regulations and supervisory decisions, including requirements related to combating money laundering, terrorist financing and proliferation financing.
The restrictions cover all financial transactions between the UAE-based branches and Iran, including trade finance and fund transfers.
The CBUAE said it will continue strengthening its supervisory framework and taking measures to protect the soundness and integrity of the UAE’s financial system. The regulator also said it remains focused on ensuring that financial institutions under its supervision comply with UAE requirements and relevant international standards. ICA/Expat Media
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