UAE Fines Bank Dh3.5m, Bans Accepting New Customers for 6 Months over Sharia, AML Breaches

UAE fines bank Dh3.5m, bans accepting new customers for 6 months over Sharia, AML breaches

The UAE Central Bank has fined a UAE-based bank Dh3.5 million and banned it from accepting new customers for six months due to violations of Sharia governance requirements. The action follows regulatory inspections and was issued under Federal Law No. (14) of 2018. The Central Bank reiterated its commitment to ensuring transparency and integrity across the financial sector.

UAE bans bank from accepting new customers for 6 months, fines Dh3.5 million

Central Bank of the UAE has taken regulatory action against a bank operating in the country by suspending its onboarding of new customers under its Islamic Window for a period of six months.