Bank of Baroda on Monday said the Central Bank of the United Arab Emirates has imposed a monetary sanction of over Rs 13 crore on the bank for violating anti-money laundering law. The Central Bank of the United Arab Emirates has imposed a financial sanction of AED 6,833,333 (amounting to Rs 13.56 crore) on Bank of Baroda, GCC Operations, Dubai for deficiencies in compliance of Federal Decree Law of 2018 on Anti Money Laundering and Combating the Financing of Terrorism and Financing of Illegal Organisations, the bank said in a release.
“Bank of Baroda has been taking steps to ensure compliance with the Federal Decree Law no (20) of 2018 and has been communicating with the Central Bank,” it added. Additionally, it has been undertaking measures to improve compliance, the bank said.
“Under these circumstances, it is informed to the public that the bank has engaged with the relevant stakeholders and is exploring all necessary options available with the bank, including the option to file an appeal against the financial sanctions that have been imposed,” it added.
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