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BackThe UAE Central Bank bans branches of Bank Melli Iran due to regulatory violations
The UAE Central Bank bans branches of Bank Melli Iran due to regulatory violations
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CNN بالعربية11 hours agoBusiness1 min readArgentinaView original

The UAE Central Bank bans branches of Bank Melli Iran due to regulatory violations

Central Bank of the EmiratesBank Melli IranRegulatory violations

Quick Look

The Central Bank of the Emirates announced the ban of all branches of Bank Melli Iran in the country due to violations related to non-compliance with regulatory regulations and legislation, including requirements for combating money laundering and terrorist financing, and preventing them from conducting any financial transactions to and from Iran.

AI-generated summary

Why It Matters

The UAE Central Bank issued a decision to ban branches of Bank Melli Iran due to regulatory violations, based on the results of inspections and the powers granted to the bank governor under local laws.

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The Central Bank of the Emirates announced, on Wednesday, the imposition of a ban on all branches of Bank Melli Iran operating in the Emirates, due to violations related to non-compliance with the regulations, legislation and regulatory decisions in the Gulf state.

The Central Bank of the Emirates issued a statement saying that the decision came “as a result of violations related to non-compliance with the regulations, legislation, and regulatory decisions in force in the United Arab Emirates, including the requirements and obligations established under legislation related to combating money laundering, the financing of terrorism, and financing the proliferation of armaments.”

The statement continued: “Based on the results of the inspections, and in accordance with the powers granted to the Governor of the Central Bank of the Emirates under the applicable laws and regulations, it was decided to ban all branches of Bank Melli Iran operating in the country from engaging in any financial transactions to and from Iran, including trade financing and money transfers.”

Open Questions

  • What is the specific duration of the ban?
  • Will this ban affect individual customers of Bank Melli Iran in the UAE?
  • Are there other Iranian banks facing similar risks in the UAE?

Related Topics

Central Bank of the Emirates
OrganizationsBank Melli Iran
PlacesUnited Arab EmiratesIran
TopicsBank Melli IranRegulatory violationsAnti-money launderingFinancing terrorismFinancial embargo
This article was originally published by CNN بالعربية.

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