UAE Central Bank sanctions Bank Melli Iran over compliance violations

The Central Bank of the UAE has announced the imposition of strict enforcement measures against the branches of Bank Melli Iran operating in the UAE, in accordance with Article (168-1-C) of Federal Decree-Law No. (6) of 2025 regarding the Central Bank, Regulation of Financial Institutions and Activities, and Insurance Business. These measures have been taken as a result of violations related to non-compliance with the regulations, laws, and supervisory decisions in force in the UAE, including the requirements and obligations set out under the legislation related to combating money laundering, the financing of terrorism and proliferation financing..Get updated faster and for FREE: Download the Gulf News app now - simply click here.. Based on the results of the examinations, and in accordance with the powers granted to the Governor of the Central Bank of the UAE under the applicable laws and regulations, it has been decided to prohibit all branches of Bank Melli Iran operating in the UAE from conducting any financial transactions to and from Iran, including trade finance and fund transfers.

The Central Bank continues to enhance its supervisory framework and take the necessary measures to safeguard the soundness and integrity of the financial system in the UAE, and to ensure that financial institutions and entities subject to its supervision comply with the highest standards of compliance, in line with relevant international best practices and standards..UAE Central Bank orders urgent Banque Misr review after US proposal.

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