UAE Central Bank lifts sanctions on financial institution after 2 years

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The Central Bank of the UAE (CBUAE) has lifted measures imposed on a financial institution working within the UAE after it took steps to make sure the Anti Money Laundering (AML) Compliance Framework was in place.

The financial institution additionally appointed a guide as per the rules set by the authority.

The CBUAE took motion towards the financial institution on August 4, 2021, after it discovered the agency had flouted legal guidelines pertaining to Anti Money Laundering and Combating the Financing of Terrorism and Illegal Organisations (AML/CFT), and articles and selections of the Cabinet and the CBUAE’s Board of Directors in relation to AML/CFT.

The CBUAE stated it continued to coordinate with the financial institution to finish the remediation course of.

The transfer is a part of efforts by the Central Bank to make sure banks within the UAE are compliant with the anti-money laundering and terrorism financing rules.

The #CentralBankUAE (CBUAE) introduced the conclusion of administrative measures it had beforehand imposed on a financial institution working within the UAE. This is a results of the financial institution’s adherence to the directives of the CBUAE with regard to the appointment of a guide to take motion and…

— Central Bank of the UAE (@centralbankuae) October 3, 2023