CBUAE Imposes Sanctions On Bank Melli Iran, Bans Financial Transactions With Iran
The Central Bank of the UAE has imposed strict enforcement measures against the branches of Bank Melli Iran operating in the country over regulatory violations.
Recommended For YouThese measures have been taken as a result of violations related to non-compliance with the regulations, laws, and supervisory decisions in force in the UAE, including the requirements and obligations set out under the legislation related to combating money laundering, the financing of terrorism and proliferation financing.
In a statement, the CBUAE said that the sanctions were imposed in accordance with Article (168-1-C) of Federal Decree-Law No. (6) of 2025 regarding the Central Bank, Regulation of Financial Institutions and Activities, and Insurance Business.
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Based on the results of the examinations, and in accordance with the powers granted to the Governor of the Central Bank of the UAE under the applicable laws and regulations, it was decided to prohibit all branches of Bank Melli Iran operating in the UAE from conducting any financial transactions to and from Iran, including trade finance and fund transfers, the statement read.
The Central Bank said it continues to enhance its supervisory framework and take the necessary measures to safeguard the soundness and integrity of the financial system in the UAE, and to ensure that financial institutions and entities subject to its supervision comply with the highest standards of compliance, in line with relevant international best practices and standards.
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