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The UAE central bank has imposed financial penalties on 11 banks operating in the country for their failure to achieve appropriate levels of anti-money laundering compliance and sanctions.
Sanctions imposed on January 24 amounted to a total of 45.76 million dirhams ($ 12.5 million), the regulator said in a statement. He did not identify the banks.
All banks operating in the United Arab Emirates have been given “sufficient time” by the central bank to remedy any shortcomings and were tasked in mid-2019 to ensure compliance by the end of this year, he said. declared.
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