UAE Central Bank Restricts Bank Melli Iran Branches Over AML and Sanctions Compliance Violations
The Central Bank of the UAE has taken enforcement action against branches of Bank Melli Iran operating in the country over violations related to compliance with applicable laws, regulations, and supervisory requirements.
According to a statement issued by the Central Bank, the violations included failures to meet requirements under legislation concerning anti-money laundering, countering the financing of terrorism, and combating the financing of proliferation.
Following the findings of its inspections and under the powers granted to the Central Bank Governor by applicable laws and regulations, the UAE Central Bank ordered all Bank Melli Iran branches operating in the UAE to stop conducting financial transactions to and from Iran.
The restrictions cover trade finance and financial transfers.