2023-10-03 06:21:28
Tuesday, October 3, 2023 – 10:18 AM
Abu Dhabi, 3 October / WAM / The Central Bank of the United Arab Emirates announced the lifting of the regulatory measures it imposed on a bank operating in the UAE, as a result of the progress it made in the process of enforcing the measures imposed regarding appointing a consultant to take the necessary measures to address and correct the deficiencies in the approved framework for compliance with the requirements. Countering money laundering and terrorist financing.
On August 4, 2021, the Central Bank imposed administrative measures on the bank, in accordance with the provisions of Article (14) of Federal Decree Law No. (20) of 2018 regarding combating money laundering, combating the financing of terrorism and financing illegal organizations, and relevant articles and decisions issued by the Council of Ministers and the Board of Directors. The Central Bank, where the “Central Bank” continued to coordinate with the bank to complete the process of addressing and correcting the identified deficiencies.
The Central Bank works closely with all banks operating in the country to achieve appropriate levels of compliance with the requirements and standards for combating money laundering and combating the financing of terrorism, as banks were given a sufficient period of time to address deficiencies, if any, in the framework approved in this regard, with the imposition of specific administrative and financial penalties. Under the law in the event of non-compliance.
The Central Bank also works, through its supervisory and regulatory tasks, to ensure that all licensed financial institutions in the country comply with the applicable laws and regulations, and the regulations and standards issued by it, to maintain the integrity of the banking system and protect the country’s financial system.
Rami Samih/Ibrahim Nuseirat
1696314818
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