Central Bank of the UAE Imposes Restrictions on National Bank of Iran Branches

 The Central Bank of the UAE has imposed strict restrictions on the branches of the National Bank of Iran.

The Central Bank of the United Arab Emirates announced in a statement that it has implemented strict supervisory and enforcement measures against the branches of the National Bank of Iran operating in the UAE.

The statement reads:
"Based on the results of investigations and citing the powers granted to the Governor of the Central Bank of the United Arab Emirates under applicable laws and regulations, it has been decided that all branches of the National Bank of Iran active in the UAE are prohibited from conducting any financial transactions to or from Iran, including trade financing and fund transfers."

The Central Bank of the UAE explained that these measures were taken following violations related to non-compliance with regulations, laws, and supervisory decisions in the UAE; including the requirements and obligations set forth in laws related to anti-money laundering, combating the financing of terrorism, and preventing the financing of the proliferation of weapons of mass destruction.

The Central Bank also added that these actions were taken in accordance with paragraph (C) of part (1) of Article 168 of Federal Decree-Law No. (6) of 2025 concerning the Central Bank, the regulation of financial institutions, and insurance business activities.

Source: Gulf Times