The Central Bank of the UAE has imposed a financial sanction of AED 6,833,333.00 (Amounting to Rs 13.56 crore approximately) on Bank of Baroda, GCC Operations, Dubai for deficiencies in compliance of AML and Sanctions Compliance Framework as at December 31, 2019. The Bank is in consultation with the relevant stakeholders and exploring its options (including filing of an appeal) to get the aforesaid financial sanctions lifted.
Bank of Baroda is engaged in providing various services, such as personal banking, corporate banking, international banking, small and medium enterprise (SME) banking, rural banking, non-resident Indian (NRI) services and treasury services.