CBUAE fines UAE exchange house Dh3.5 million
Regulatory action taken for non-compliance with AML and CFT laws
UAE Central Bank Imposes Dh3.5 Million Fine on Exchange House for Non-Compliance
Violations of Anti-Money Laundering and Terrorism Financing Laws
A Dh3.5 million financial penalty has been imposed by the Central Bank of the United Arab Emirates (CBUAE) on an exchange house that conducts business in the United Arab Emirates as part of regulatory action.
Following a thorough investigation by the CBUAE, which concluded that the exchange house had violated the rules pertaining to combating the financing of terrorism (CFT) and anti-money laundering (AML), this judgment was made.
Findings of the Investigation
The CBUAE’s assessment revealed that the exchange house did not adhere to the required AML and CFT policies and procedures, leading to the financial penalty. The enforcement action is part of the UAE’s ongoing efforts to combat financial crimes and strengthen the transparency and integrity of the financial sector.
Commitment to Financial System Integrity
The CBUAE, as the regulatory body, is dedicated to making sure that exchange houses, their proprietors, and staff adhere to UAE laws and regulations. The nation’s commitment to preventing illicit financial activity is further demonstrated by the central bank’s ongoing implementation of supervisory measures to protect the financial system’s credibility and stability.
