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Has been ordered to rectify the violations, and rectify the composition of the board of directors
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The Central Bank of the United Arab Emirates (CBUAE) has fined a financial company for a weak compliance culture and violations of anti-money laundering and countering the financing of terrorism (AML/CFT) and illegal organisations.
The regulator fined the company Dh1.8 million and ordered it to rectify the irregularities and rectify issues related to the composition of the board of directors.
However, Vertex Bank did not disclose the name of the finance company.
The regulator imposed financial sanctions on the exchange last year for violating the country’s AML/CFT laws.
The financial firm was sanctioned on Thursday following a review by an adviser and by the central bank that revealed high-risk and repeated AML/CFT violations in addition to operational failures by the board .
“The findings indicate that the financial firm engaged in high-risk, repeated breaches and had an overall weak compliance culture in terms of policies and procedures designed for AML/CFT,” the watchdog said on Thursday.
The Central Bank stated that all financial companies and their owners and employees must abide by UAE laws and regulations in order to maintain the transparency and integrity of financial companies’ operations and the UAE’s financial system.
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