(MENAFN- Khaleej Times) The Central Bank of the UAE (CBUAE) on Tuesday lifted administrative measures imposed on a bank operating within the UAE. These measures were initially enacted in response to the bank's non-compliance with the CBUAE's directives regarding the appointment of a consultant to address and rectify its Compliance Framework.

On August 4, 2021, CBUAE initiated administrative actions against the bank under Article 14 of Federal Decree Law No. (20) of 2018, pertaining to Anti Money Laundering and Combating the Financing of Terrorism and Illegal Organizations (AML/CFT). This action was consistent with relevant articles and decisions issued by the Cabinet and the CBUAE's Board of Directors concerning AML/CFT.

The CBUAE has actively collaborated with the bank throughout the remediation process, working together to ensure compliance. The Central Bank maintains a strong commitment to overseeing and regulating licensed financial institutions in the UAE to ensure they meet AML/CFT standards. These institutions have been given adequate time to address any deficiencies in their AML compliance. In cases of persistent non-compliance, the CBUAE retains the authority to impose further administrative and financial sanctions.

Through its regulatory and supervisory role in the financial sector, the CBUAE will continue to closely engage with all licensed financial institutions to guarantee their adherence to UAE laws and regulations, as well as the standards set forth by the CBUAE. This commitment is essential for preserving the integrity of the banking system and reinforcing financial stability in the region.

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