UAE Central Bank fines 6 money exchange houses Dh12.3 million for violating laws
The exchange houses failed to comply with policies and procedures related to anti-money laundering and combating the financing of terrorism and illegal organisations.
The penalty comes according 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 (AML/CFT) and its amendments, and its amendments.
The financial sanctions were imposed based on the findings of examinations conducted by the CBUAE, which revealed the violations and failures of the six exchange houses to comply with the regulations.
Through its supervisory and regulatory mandates, the CBUAE works to ensure that all exchange houses, their owners, and staff abide by the UAE's laws, regulations, and standards established by the CBUAE to maintain the transparency and integrity of financial transactions and safeguard the UAE's financial system.
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