UAE Central Bank slaps monetary sanction on Bank of Baroda

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