The Central Bank of the United Arab Emirates announced that by banning the activities of Iran’s Melli Bank in this country, all branches of Iran’s Melli Bank in the UAE will be prohibited from carrying out financial transactions with Iran, both incoming and outgoing, including financing trade and transferring funds.

The UAE central bank says these measures were taken following violations of regulations related to failure to comply with mandatory laws, regulations, and supervisory decisions in the United Arab Emirates, and that the aforementioned violations include not meeting the requirements set out in laws related to combating money laundering, financing terrorism, and financing the proliferation of weapons of mass destruction.

The UAE also announced last month that it fully halted bilateral trade with Iran, and in late that same month, the United States sanctioned a branch manager of Iran’s Melli Bank in the UAE.

Iran’s Melli Bank began operating in the UAE in 1969 and now has seven branches in different emirates in the country.