The Central Bank of the UAE fined 11 banks operating in the UAE for failing to achieve appropriate levels of compliance regarding their anti-money laundering and sanctions-compliance standards. The regulator imposed Dh45.7 million ($12.5m) in penalties on January 24 in accordance with Article 14 of the Federal Decree Law No 20 of 2018 on anti-money laundering and combatting the financing of terrorism and financing of illegal organisations. "All banks operating in the UAE have been allowed ample time by the CBUAE to remedy any shortcomings and were instructed in the middle of 2019 to ensure compliance by the end of that year, informing them that further shortcomings would result in penalties," the bank said on Sunday. The central bank said it will continue to work closely with all financial institutions in the UAE to achieve and maintain high levels of compliance and will continue to impose further administrative and/or financial sanctions, in cases of non-compliance. The UAE, which has strict laws to deal with money laundering and the financing of terrorism, has been beefing up its regulations over the past year. Last year it instructed all hawala providers – informal funds transfer service providers for individuals utilising non-bank methods – to register with the central bank to "enhance transparency in financial transactions" and strengthen the oversight of money transfers. The UAE has also rolled out several initiatives and is co-ordinating in areas such as governance and supervision with countries that share its commitment to fight financial crime, the regulator added.