The UAE Central Bank has fined a lender operating in the country Dh5 million ($1.36 million) for breaching anti-money laundering regulations, as it continues its fight against illicit financial activity in accordance with international standards.
The bank, which was not identified by the banking regulator, was in breach of three articles of laws regarding the organisation of financial institutions, anti-money laundering and terrorist financing, the central bank said in a statement on Monday.
In addition to the penalty, the bank was directed to present the decision to its board of directors at its overseas headquarters, it said.
The central bank, "through its supervisory and regulatory mandates, works to ensure that all banks, their owners and staff abide by the UAE laws, regulations and standards adopted ... to safeguard the transparency and integrity of the banking industry and the UAE financial system", it said.
The UAE has made significant strides in the fight against financial crime in recent years. Effective policies on anti-money laundering and combating the financing of terrorism are key to the integrity and stability of the international financial system and the economies of nations, according to the International Monetary Fund.
Globally in 2023, financial institutions were hit with about $6.6 billion in fines related to anti-money laundering breaches, a 57 per cent jump from the previous year, the latest data from London-based information services company Gatenox found.
The UAE this month announced a nationwide action plan aimed at boosting its fight against illicit financial activity by introducing the 2024-27 National Strategy for Anti-Money Laundering, Countering the Financing of Terrorism and Proliferation Financing.
The strategy has 11 goals outlining the “legislative and regulatory reforms the UAE is taking to prevent the impact of illegal activities on society”, and was developed by the General Secretariat of the National Committee using World Bank Group methodology to ensure it meets international standards.
In August, the government amended its laws on anti-money laundering, and the financing of terrorism and illegal organisations. A National Committee for Anti-Money Laundering and Combating the Financing of Terrorism and Financing of Illegal Organisations has been formed as a result.
In 2021, the government founded an Executive Office for Anti-Money Laundering and Counter-Terrorism Financing after passing an anti-money laundering and terrorism financing law in 2018.
The UAE Central Bank last month imposed a fine of Dh5.8 million on a bank operating in the Emirates for a similar breach of the country's anti-money laundering laws.
The value of fines imposed by regulatory authorities in the field of Anti-Money Laundering and Counter-Terrorism Financing between January and October last year reached Dh249.2 million, up from Dh76 million in 2022.
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The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
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UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
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Youth YouTuber Programme
The programme will be presented over two weeks and will cover the following topics:
- Learning, scripting, storytelling and basic shots
- Master on-camera presence and advanced script writing
- Beating the algorithm and reaching your core audience
Fund-raising tips for start-ups
Develop an innovative business concept
Have the ability to differentiate yourself from competitors
Put in place a business continuity plan after Covid-19
Prepare for the worst-case scenario (further lockdowns, long wait for a vaccine, etc.)
Have enough cash to stay afloat for the next 12 to 18 months
Be creative and innovative to reduce expenses
Be prepared to use Covid-19 as an opportunity for your business
* Tips from Jassim Al Marzooqi and Walid Hanna
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KINGDOM%20OF%20THE%20PLANET%20OF%20THE%20APES
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The Penguin
Starring: Colin Farrell, Cristin Milioti, Rhenzy Feliz
Creator: Lauren LeFranc
Rating: 4/5
Common OCD symptoms and how they manifest
Checking: the obsession or thoughts focus on some harm coming from things not being as they should, which usually centre around the theme of safety. For example, the obsession is “the building will burn down”, therefore the compulsion is checking that the oven is switched off.
Contamination: the obsession is focused on the presence of germs, dirt or harmful bacteria and how this will impact the person and/or their loved ones. For example, the obsession is “the floor is dirty; me and my family will get sick and die”, the compulsion is repetitive cleaning.
Orderliness: the obsession is a fear of sitting with uncomfortable feelings, or to prevent harm coming to oneself or others. Objectively there appears to be no logical link between the obsession and compulsion. For example,” I won’t feel right if the jars aren’t lined up” or “harm will come to my family if I don’t line up all the jars”, so the compulsion is therefore lining up the jars.
Intrusive thoughts: the intrusive thought is usually highly distressing and repetitive. Common examples may include thoughts of perpetrating violence towards others, harming others, or questions over one’s character or deeds, usually in conflict with the person’s true values. An example would be: “I think I might hurt my family”, which in turn leads to the compulsion of avoiding social gatherings.
Hoarding: the intrusive thought is the overvaluing of objects or possessions, while the compulsion is stashing or hoarding these items and refusing to let them go. For example, “this newspaper may come in useful one day”, therefore, the compulsion is hoarding newspapers instead of discarding them the next day.
Source: Dr Robert Chandler, clinical psychologist at Lighthouse Arabia
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COMPANY%20PROFILE
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