Dubai: The Central Bank of the UAE (CBUAE) imposed financial sanctions on 6 banks operating in the country. The sanctions were imposed for failures to achieve appropriate levels of compliance regarding required due diligence and reporting procedures and standards.
CBUAE informed that the banks have been penalised in line with implementing certain provisions of the Organisation for Economic Cooperation and Development (OECD)’s Multilateral Administrative Agreement for Automatic Exchange of Information and Common Reporting Standard (CRS).
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Earlier on Wednesday the CBUAE imposed a fine of Dh5.2 million on an exchange house due to a weak compliance framework regarding the required due diligence policies and procedures to prevent money laundering and financing of terrorism.
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