Administrative Fine of AED 200,000 for the following violations:
- Failure to take enhanced due diligence measures to manage high risks
- Failure to notify the Financial Intelligence Unit of the suspicious transaction report
- Failure to provide the Financial Intelligence Unit with the additional information it requires regarding the suspicion matter reported
- Disclosing, directly or indirectly, to the customer or any other person(s) that they have reported or are intending to report a suspicious transaction
- Failure to implement the measures prescribed by the National Committee for Combating Money Laundering and the Financing of Terrorism and Illegal Organizations with respect to customers from high-risk countries
- Dealing with shell banks in any way
- Opening or maintaining bank accounts without the account holder’s name
- Failure to take the measures regarding customers included in the international or domestic sanctions lists
- Upholding the prescribed administrative fine if the reasons and justifications are found to be valid.
- Replacing the prescribed administrative fine with another penalty according to the nature of the violation and in line with the law and its executive regulations
- Canceling the fine if the reasons for the violation have been removed or proven incorrect.
Source: Ministry of Economy