Central Bank imposes Dhs3.5 million financial sanction on money exchange house in UAE

The Central Bank of the UAE (CBUAE) imposed financial sanction on an exchange house operating in the UAE, pursuant to Article 14 of the Federal Decree Law No. (20) of 2018 on Anti-money Laundering and Combating the Financing of Terrorism and Illegal Organisations and its amendments.

The financial penalty of Dhs3.5 million has been imposed after assessing the findings of an examination conducted by the CBUAE, which revealed that the exchange house failed to comply with Anti-money Laundering and Combating the Financing of Terrorism policies and procedures.

The CBUAE, through its supervisory and regulatory mandates, works to ensure that all exchange houses, their owners, and staff abide by the UAE laws, regulations and standards adopted by the CBUAE to safeguard the transparency and integrity of the exchange houses industry and the UAE financial system.