The Central Bank of the United Arab Emirates has imposed a financial sanction of AED 6,833,333.00 (amounting to Rs 13.56 crore approx.) on Bank of Baroda, GCC Operations, Dubai for violating anti-money laundering law.
The Central Bank of the United Arab Emirates has imposed a financial sanction 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.
Bank of Baroda said has been taking steps to ensure compliance with the Federal Decree Law no (20) of 2018 and has been communicating with the Central Bank. 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.
The announcement was made after market hours on Monday, 25 January 2021. Shares of Bank of Baroda rose 0.68% to settle at Rs 73.80 on Monday, 25 January 2021.
Bank of Baroda is a public sector bank. The Government of India held 71.60% stake in the bank as on 30 September 2020.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app