The Central Bank of the UAE (CBUAE) fined a bank Dh5.8 million on Friday for breaching anti-money laundering and combating the financing of terrorism (AML/CFT) and financing illegal organizations. The regulator stated that financial penalties were enforced following an inspection that uncovered shortcomings in the bank's AML/CFT policies and procedures. The Central Bank noted that these financial penalties were imposed under Article 14 of the Federal Decree Law No. (20) of 2018 on AML/CFT. The identity of the bank was not disclosed by the CBUAE. Through its supervisory and regulatory roles, the CBUAE ensures that all banks, their owners, and staff adhere to UAE laws, regulations, and standards set by the CBUAE to maintain the transparency and integrity of the banking sector and the UAE financial system. Last week, the Central Bank revoked the license of Galaxy Insurance Broker (Galaxy) due to a deficient compliance framework. This administrative action was the outcome of an examination by the Central Bank, which found that Galaxy had a weak compliance framework and failed to meet its regulatory obligations.