The Central Bank of the United Arab Emirates announced, on Friday, that it had seen the statement issued regarding the new package of sanctions against the Russian Federation, including the sanctions imposed on MTS Bank.
The UAE Central Bank confirmed that it had granted a license to MTS Bank to open a branch in Abu Dhabi, according to the licensing procedures approved by it, after the bank met the criteria for licensing branches of foreign banks.
The bank contributed to supporting legitimate trade between the two countries and serving the Russian community in the UAE, under the supervision of the Central Bank, according to the Emirates News Agency.
The Central Bank reviewed the anti-money laundering and combating the financing of terrorism policies of the branch, and examined the related electronic systems before starting the branch’s operations in the country, according to the requirements for licensing banks to operate in the UAE.
In view of the circumstances the bank’s headquarters country is going through, the Central Bank announced that it supervised transactions related to financing trade that exceed a certain limit.
The Central Bank stated that it is currently studying the available options regarding the status of the new bank, and will take the appropriate decision in this regard at the time, taking into account the obligations incurred by the branch during the previous period.
