CBUAE bars Bank Melli Iran from Iran transactions

The measures followed regulatory violations identified through CBUAE inspections.

The Central Bank of the UAE (CBUAE) announced strict enforcement measures against Bank Melli Iran branches operating in the UAE. The measures follow violations related to non-compliance with applicable regulations, legislation and supervisory decisions in the UAE, including requirements and obligations under laws related to anti-money laundering, combating the financing of terrorism and proliferation financing.

The CBUAE said in an official statement that, based on inspection findings and pursuant to the powers vested in the CBUAE Governor under applicable laws and regulations, all Bank Melli Iran branches operating in the UAE have been prohibited from conducting any financial transactions to and from Iran, including trade finance and money transfers.

The central bank said it continues to strengthen its supervisory framework and take necessary measures to safeguard the soundness and integrity of the UAE financial system and ensure that financial institutions and entities under its supervision comply with the highest standards, in line with relevant international best practices and standards.