by Danissa Guotana | May 26, 2023 | AML
A court in the UAE has jailed a man convicted of embezzling AED40m ($10.9m) from his employer to fund a luxury lifestyle. The convict used the embezzled funds to buy luxury cars, valuable jewellery and international holidays. He has been jailed and ordered to return...
by Danissa Guotana | May 25, 2023 | AML, Business
The Central Bank of the UAE (CBUAE) has removed the entire board of directors of an insurance company operating locally and replaced it with a temporary committee of experts for six months. This administrative sanction is imposed in accordance with Article 41 of...
by Danissa Guotana | Apr 3, 2023 | AML, Business
Dubai Police’s General Department of Criminal Investigation has signed Memorandums of Understanding (MoUs) with ten banks and financial institutions, to enhance the security system and collaborate with partners in the field of investigating and anticipating the future...
by Danissa Guotana | Feb 27, 2023 | AML
Dubai: The UAE reaffirmed its strong commitment and ongoing efforts in relation to AML/CFT, state news agency WAM reported on Friday. The country also welcomed the FATF announcement made on Friday during the second FATF Plenary under the two-year...
by Danissa Guotana | Feb 14, 2023 | AML, Business
The UAE’s Central Bank has announced a new programme to accelerate digital transformation in the financial services sector, with initiatives spanning open finance and a new digital currency. The Financial Infrastructure Transformation Programme also includes a...
by Danissa Guotana | Feb 3, 2023 | AML
The UAE Central Bank has imposed a fine of Dh1.8 million ($490,129) and stricter compliance requirements on a finance company for breaching the country’s laws on anti-money laundering and counter-terrorism financing (AML/CFT), and the organisation...
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