UAE central bank fines Bank of Baroda for compliance deficiencies

The Central Bank of the United Arab Emirates levied a fine worth 6.8 million UAE dirhams on Bank of Baroda's GCC operations in Dubai over deficiencies in compliance with anti-money laundering, finance terrorism and illegal organization financing laws.

The lender is undertaking measures to improve compliance and is exploring options, including filing an appeal against the financial sanctions, according to a Jan. 25 stock exchange filing.

As of Jan. 25, US$1 was equivalent to 3.67 UAE dirhams.