UAE Central Bank fines company Dh1.8 million for money laundering

The Central Bank of the UAE.

PHOTO BY ARCHIVE

UAE Central Bank fines company Dh1.8 million for money laundering

The Central Bank of the UAE (CBUAE) has fined a financial company Dh1.8 million for violating the country’s anti-money laundering law.

According to the CBUAE, the company had “weak compliance culture as well as for violating laws of anti-money laundering and combating the financing of terrorism and illegal organisations.”

The central bank did not disclose the name of the finance company.

The regulator asked the company to fix the violations and rectify issues related to the composition of the board of directors.

This is the second time this week that the UAE central bank imposed sanctions on a finance company caught violating the country’s anti-money laundering law.

According to the central bank, all finance companies, their owners and staff must abide by the UAE laws, and regulations to safeguard the transparency and integrity of the business of finance companies and the UAE financial system. ICA/Expat Media

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