The Central Bank of the UAE imposed a financial penalty of AED 200,000,000 (two hundred million dirhams) on a branch of a foreign bank licensed in the country, under the provisions of the Federal Decree-Law regarding the Central Bank and the Regulation of Financial Institutions and Activities.

The penalty was imposed based on the findings of inspections conducted by the Central Bank, which revealed repeated and serious failures at the foreign bank's branch in its framework for anti-money laundering and combating the financing of terrorism and illegal organizations, as well as in governance, compliance management and sanctions.

The Central Bank also imposed an individual penalty of AED 500,000 on the bank's chief executive officer and another individual penalty of AED 300,000 on the head of compliance and money laundering reporting officer, under the provisions of the Federal Decree-Law regarding the Central Bank and the Regulation of Financial Institutions and Activities, for failing to carry out their responsibilities and the duties of their positions.

The Central Bank further required the foreign bank to implement a mandatory remediation program subject to verification by an independent party, and to reassess whether the CEO and the head of compliance meet fit-and-proper requirements.

Through its supervisory and regulatory mandate, the Central Bank works to ensure that all banks, their decision-makers and their employees comply with UAE laws and the regulations and standards it has adopted, with the aim of preserving the transparency and integrity of the banking sector and protecting the country's financial system.