Financial sanctions imposed on six exchange houses operating in UAE

Gulf Today, Staff Reporter

Six exchange houses operating in the UAE have been put under financial sanctions by the Central Bank of the UAE (CBUAE) for their failure to achieve appropriate levels of compliance regarding their AML & Sanctions Compliance Frameworks by the deadline at the end of 2019.

The move by CBUAE is pursuant to Article 14 of the Federal Decree Law No.20 of 2018 on Anti-Money Laundering and Combatting the Financing of Terrorism and Financing of Illegal Organisations (AML/CFT Law), the pertinent articles and decisions of the Cabinet and Central Bank Board of Directors in relation to AML/CFT.

The financial sanctions imposed on Sept.14, 2021, amounted to a total value of Dhs17,311,000.

All exchange houses operating in the UAE have been told  by the CBUAE to remedy any shortcomings and were instructed in the middle of 2019 to ensure compliance by the end of that year, informing them that further shortcomings would result in penalties under the Federal Decree Law No.20 of 2018 and its executive regulation.

The CBUAE has provided ample time to all the exchange houses operating in the country to rectify all their shortcomings.