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Friday, March 24, 2023

CBUAE issues statement on MTS Bank branch in Abu Dhabi

CBUAE issues statement on MTS Bank branch in Abu Dhabi

ABU DHABI – The Central Bank of the United Arab Emirates (CBUAE) has reviewed the statement issued today regarding the new sanctions package against the Russian Federation, including the sanctions imposed on MTS Bank. The central bank would like to emphasize the following points:

• The Central Bank grants permission to open a branch in Abu Dhabi to MTS Bank in accordance with the approved licensing procedure after the bank meets the foreign bank branch licensing criteria.

• The bank, under the supervision of the Central Bank, contributes to supporting legal trade between the two countries and serving the Russian community in the UAE.

• Before a bank starts operating in the UAE, the Central Bank reviews the branch’s AML/CFT policy and tests its related electronic systems, as required by the license for banks to operate in the UAE. Given what is going through in the countries where banks are headquartered, central banks have regulated trade finance-related transactions above certain thresholds.

• The Central Bank is now examining the options available with regard to the new status of the bank and will make an appropriate decision in due course, taking into account the obligations undertaken by the branch in the previous period.

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