The UAE Central Bank said on Wednesday it has sanctioned the UAE branch of
Iran's Bank Melli, accusing the bank of breaching local laws on
money‑laundering, terrorist financing and proliferation financing. The central
bank said it has prohibited all financial transactions between Bank Melli
branches operating in the UAE and Iran, including trade finance and funds
transfers. The measures were imposed for failure to comply with UAE regulations
and legal requirements on AML, CFT and proliferation financing; last month the
UAE suspended trade and financial ties with Tehran.
