The Central Bank of the UAE has imposed a total of $12.5 million in financial penalties on 11 banks operating in the country due to their failure to meet appropriate levels of compliance with anti-money laundering and counter-terrorism financing regulations.
The share prices of banks on the Dubai and Abu Dhabi financial markets fell, with the largest bank in the UAE, First Abu Dhabi Bank (FAB), dropping by 1.6% to $4. Abu Dhabi Islamic Bank (ADIB) saw a 1% decrease, reaching $1.35. Additionally, shares of Dubai Islamic Bank (DIB) fell by 1.78% to $1.35, and Emirates NBD shares dropped by 1.69% to $3.16, following the announcement by the central bank.
