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NEWS: UAE fines foreign bank branch AED20m for AML breaches

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By PAUL O’DONOGHUE, Senior Correspondent

A foreign bank branch in the UAE has been fined AED20 million ($5.5 million) for breaches of AML rules, in one of the largest penalties issued by the regulator to date.

The UAE Central Bank said the branch committed “significant, repeated failures” under its Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) and Illegal Organisations and Sanctions framework.

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NEWS: FCA flags ‘weak’ client due diligence at insurance firms

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NEWS: FIUs in top financial centres lack data access to tackle financial crime, TI report finds

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