On January 24, 2021, the Central Bank of the UAE (CBUAE) imposed financial sanctions on 11 banks operating in the UAE as per the country’s AML/CFT law.
The 11 penalized banks failed to adequately comply with their AML & Sanctions Compliance Frameworks by the end of 2019. The financial sanctions imposed on these banks amount to AED 45,758,333 (around $12.5m).
In mid-2019, the CBUAE had directed all banks operating in the UAE to ensure compliance by the end of 2019. The CBUAE had further informed all such banks that future deficiencies would invite sanctions.
Source: Central Bank of the UAE