Failure to adhere to anti-money laundering (AML) protocols was the most common banking violation that led to substantial fines being imposed on financial institutions last year according to data in Finbold’s Bank Fines Report 2020. The data shows that fines… Read More ›
UAE
Eleven banks fined as UAE signals tougher action on FATF recommendations and a focus on TBML
Eleven banks operating in the UAE have been fined a total of 45.8 million UAE dirham (AED 45.8 million – US$12.5 million) for violations of anti-money laundering and counter financing of terrorism (AML/CFT) regulations by the Central Bank of the… Read More ›
UAE introduces new beneficial ownership regulations
The UAE has introduced new rules for corporate entities incorporated in the mainland and in the non-financial free zones to keep registers of their real beneficial owners and shareholders. Companies subject to the new rules must file beneficial ownership information… Read More ›