Friday, November 08, 2024
Today's News
Friday, November 08, 2024
Today's News

UAE Central Bank fines company $490,000 for violating anti-money laundering law

UAE Central Bank fines company $490,000 for violating anti-money laundering law

Financial entity condemned of repeated failings because of a weak conformity culture

The UAE Reserve bank has enforced a penalty of Dh1.8 million ($490,129) and more stringent conformity requirements on a financing business for breaching the country’s legislations on anti-money laundering as well as counter-terrorism funding (AML/CFT), and also the organisation of banks and also tasks.

The permissions follow an evaluation by a third-party professional as well as an exam performed by the banking regulatory authority that found high danger as well as repeated AML/CFT breaches by the firm, as well as operational failings by the board of directors, it claimed on Thursday.

The Reserve bank did not call the worried company.

“The findings highlight that the finance business engaged in high-risk, duplicated violations and had a total weak conformity culture associating with plans as well as procedures made for AML/CFT,” the regulator said.

The UAE, the Arab world’s second-largest economic climate, has presented a number of initiatives to manage the country’s monetary field in current months.

It has actually passed stringent legislations to stop cash laundering and also the funding of terrorism, and has actually provided policies throughout the years to clamp down on monetary criminal offenses.

The Reserve bank released new guidelines last month for licensed financial institutions– including financial institutions, money companies, exchange residences, insurance companies, agents and also brokers– to fight money laundering as well as the funding of terrorism.

The standards concentrate on making use of digital identification systems by licensed banks to address customers’ due diligence responsibilities.

In 2021, the UAE established the Exec Workplace of Anti-Money Laundering as well as Counter-Terrorism Funding, a company to handle money launderers, along with organisations and also individuals believed of financing terrorists and also organised crime.

In 2020, the Ministry of Economy established an anti-money laundering department to ensure that all non-financial organizations and experts adhere to neighborhood regulations.

The banking regulatory authority advised the finance company to resolve its compliance failings, as well as routed the board of supervisors to meet and also fix problems related to its make-up.

The Central Bank works to ensure that all money business, their owners and also staff abide by the nation’s legislations, policies and standards to secure the transparency as well as honesty of the worried organizations and also the financial system of the Emirates.

Last Updated:  03 February 2023

INTERVIEW

Celebrities
In case you missed it

Top picks from The Times, recommended for you

Culture & Life Style
Teenage NYC boy beaten unconscious by group who stole his Air Jordan sneakers
13 Jan 2023
Teenage NYC boy beaten unconscious by group who stole his Air Jordan sneakers
Air Jordans are highly desired tennis shoes A 16-year-old child is recouping after being beaten subconsciously on a Manhattan road by a group that stole his Air Jordan tennis shoes.…
READ MORE
Miss Universe Bahrain Evlin Khalifa wears abayas as beauty pageant begins
Miss Universe Bahrain Evlin Khalifa wears abayas as beauty pageant begins
Evlin Khalifa has said she is devoted to clothing modestly…
READ MORE
The best way to comfort someone when they’re sad
The best way to comfort someone when they’re sad
A limited yet growing body of study recommends that a…
READ MORE
UAE: Hospital announces free support for cancer patients
UAE: Hospital announces free support for cancer patients
Cleveland Center's Angel Program to be initially turned out for…
READ MORE
The biggest movies coming your way in 2023
The biggest movies coming your way in 2023
‘Guardians of the Galaxy Vol 3’  The pop-culture behemoth that…
READ MORE
The Worlds Times Cooking Recipes, advice and inspiration for any occasion.
Entertainment
Christina Karam hits winning note with songs for Egypt
Christina Karam hits winning note with songs for Egypt
Increasing celebrity uses music to advertise country's appeal in 'Egypt Deserves' project A rising star…
Miss World: A brief history, including controversies, criteria and famous winners
Miss World: A brief history, including controversies, criteria and famous winners
The contest, established in 1951, is the longest-running worldwide charm contest Model from around the…
Rihanna dons custom Alaia coat for Super Bowl performance, reveals pregnancy
Rihanna dons custom Alaia coat for Super Bowl performance, reveals pregnancy
Pop as well as R&B super star Rihanna made a grand go back to the…
Georgina Rodriguez is the new face of Italian luxury label Elisabetta Franchi
Georgina Rodriguez is the new face of Italian luxury label Elisabetta Franchi
DUBAI: Argentine version Georgina Rodriguez, who now stays in Saudi Arabia, is the new worldwide…
‘Paper Planes’ rapper M.I.A. joins Wireless Abu Dhabi line-up
‘Paper Planes’ rapper M.I.A. joins Wireless Abu Dhabi line-up
British rap artist M.I.A. is the most recent enhancement to the line-up set to descend…
1309 Studios founder Ghada Al-Subaey talks Arab representation, dressing Georgina Rodriguez
1309 Studios founder Ghada Al-Subaey talks Arab representation, dressing Georgina Rodriguez
Qatar-based ready-to-wear label 1309 Studios, started by business owner Ghada Al-Subaey, has actually been garnering…
‘More like Annabel’s’: London law firm seeks to redress dress code
‘More like Annabel’s’: London law firm seeks to redress dress code
Vardags recommends personnel to be 'wildly magnificent as well as express yourselves fully' with their…
Miss Universe Bahrain stands out in burkini for swimsuit round
Miss Universe Bahrain stands out in burkini for swimsuit round
The preliminary competition will identify which entrants make it to the semi-finals Miss Bahrain Evlin…
In need of spotlight, Hollywood welcomes back tarnished Golden Globes
In need of spotlight, Hollywood welcomes back tarnished Golden Globes
Standup comic Jerrod Carmichael hosted the 80th Worlds ceremony, discarding the normal monologue (zingers regarding…
Golden Globe Awards 2023: Check Full List of Winners
Golden Globe Awards 2023: Check Full List of Winners
Golden World Honors 2023 Full Checklist of Winner: The 80th Golden Globe Honors event has…
Country
Mauritania
Mauritania News
UAE
UAE News
Egypt
Egypt News
Oman
Oman News
South Arabia
South Arabia News
Jordan
Jordan News
Qatar
Qatar News
Kuwait
Kuwait News
Bahrain
Bahrain News
Iran
Iran News