Six exchange houses fined AED 12.3 million for regulatory breaches
The sanctions come after inspections revealed serious breaches of anti-money laundering and counter-terrorism financing regulations.
The fines are in line with Federal Decree Law No. 20 of 2018 and reflect ongoing efforts to uphold the integrity of the UAE's financial system.
The names of the entities involved have not been disclosed by the authority.
CBUAE has emphasised that all exchange houses, their owners and staff must comply with national laws and regulatory standards to ensure transparency.
The #CentralBankUAE imposed varying financial sanctions on six exchange houses in the UAE, amounting to AED12,300,000, 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…
— Central Bank of the UAE (@centralbankuae) June 10, 2025
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Arabian Post
4 hours ago
- Arabian Post
TAQA secures $2.3 billion loan to fuel expansion
Arabian Post Staff -Dubai Abu Dhabi National Energy Company has secured a substantial AED 8.5 billion term loan to bolster its liquidity and support its long-term growth objectives. The financial facility, which spans a two-year period, is expected to enhance the company's operational flexibility, enabling it to pursue strategic investments and strengthen its position in the energy sector. The move reflects TAQA's commitment to enhancing its financial standing amidst an increasingly competitive market. The loan, denominated in UAE dirhams, is structured as a floating-rate instrument, which ties the interest payments to a benchmark rate, typically the LIBOR or its successor. This structure offers flexibility to the company, aligning its financial obligations with market conditions over the loan's tenure. This large-scale financing arrangement also provides the company with the necessary funds to continue its diverse projects, including those in renewable energy, which are central to TAQA's strategic shift toward sustainability. ADVERTISEMENT TAQA's loan agreement underscores its focus on transforming its energy portfolio, including expanding its investments in cleaner energy solutions and enhancing its existing assets. Over the past few years, the company has undertaken several initiatives aimed at increasing its renewable energy capacity, with a notable emphasis on solar, wind, and water energy projects both within the UAE and internationally. This aligns with the broader UAE vision to transition towards more sustainable energy sources while diversifying the national economy away from reliance on oil revenues. The loan will also assist TAQA in fulfilling its ambitious growth plans. Its focus on improving liquidity is seen as crucial in maintaining stability and ensuring the company's ability to secure additional investments in future projects. The energy sector is experiencing significant changes, driven by the global push for sustainability and a growing demand for energy diversification. As such, firms like TAQA are positioning themselves to leverage opportunities arising from these shifts in energy consumption patterns. With the funding, TAQA will have the flexibility to manage ongoing infrastructure upgrades and explore new ventures, including potential acquisitions and investments that align with its strategy to expand across international markets. The company's portfolio includes a range of assets in energy distribution, generation, and water desalination, providing it with a diverse stream of revenue and contributing to the stability of its financial outlook. The term loan also reflects the confidence that financial institutions have in TAQA's future growth prospects, especially in a market that is becoming increasingly dependent on green technologies. The global energy transition, fuelled by the shift towards decarbonisation, presents both challenges and opportunities for energy companies. For TAQA, expanding into renewable energy markets offers significant potential for long-term profitability and operational diversification. This loan also comes at a time when the UAE is intensifying its efforts to implement its Green Agenda, which includes significant investments in renewable energy projects and a commitment to achieving net-zero emissions by 2050. As a key player in the region's energy sector, TAQA's ongoing efforts to decarbonise its portfolio and adopt innovative solutions will be critical in meeting these ambitious national and global targets. TAQA's ability to access such large-scale financing reflects its strong financial fundamentals and market reputation. The company's management has been proactive in securing capital for key growth areas, ensuring that it remains at the forefront of the region's energy transformation. The long-term focus on sustainability and diversification is set to position TAQA as a leading energy provider in the MENA region, with significant reach beyond its home market of the UAE.
Arabian Business
5 hours ago
- Arabian Business
UAE gold reserve surges 25.9% in first five months of 2025 to $7.88bn
UAE's gold reserves increased by nearly 25.9 per cent during the first five months of the year. The Central Bank of the United Arab Emirates (CBUAE) said the value of gold held by the country increased to AED 28.933 billion (US$7.88 billion) at the end of May, up from AED 22.981 billion (US$6.26 billion) at the end of December 2024. According to the Central Bank's statistical bulletin issued on Thursday, the CBUAE's gold holdings rose by 0.49 per cent month-on-month in May. Demand deposits also grew, exceeding AED 1.166 trillion (US$320 billion) by the end of May, compared to AED 1.109 trillion (US$300 billion) at the end of December 2024. Of this total deposit, AED 892.577 billion (US$243.04 billion) were in local currency and AED 274.329 billion (US$74.7 billion) in foreign currencies. Savings deposits rose to AED 359.57 billion (US$97.91 billion) at the end of May, up from AED 317.48 billion (US$86.45 billion) at the end of last year. This included AED 305.508 billion (US$83.19 billion) in local currency and AED 54.062 billion (US$14.72 billion) in foreign currencies. Time deposits exceeded AED 1 trillion to AED 1.013 trillion (US$275.9 billion) for the first time by the end of May, including AED 614.854 billion (US$167.42 billion) in local currency and the rest in foreign currencies.
Dubai Eye
18 hours ago
- Dubai Eye
UAE Central Bank gold reserves rise 26% in five months
The Central Bank of the United Arab Emirates (CBUAE) increased its gold reserves by 25.899 per cent during the first five months of the year to AED 28.933 billion at the end of May, up from AED 22.981 billion at the end of December 2024. According to the Central Bank's statistical bulletin issued on Wednesday, the CBUAE's gold holdings rose by 0.49 per month, month-on-month in May, to AED 28.791 billion at the end of April. Statistics showed that demand deposits also grew, exceeding AED 1.166 trillion by the end of May, compared to AED 1.109 trillion at the end of December 2024. Of this total, AED 892.577 billion were in local currency and AED 74.329 billion in foreign currencies. Savings deposits rose to AED 359.57 billion at the end of May, up from AED 317.48 billion at the end of December 2024. This included AED 305.508 billion in local currency and AED 54.062 billion in foreign currencies. Time deposits exceeded AED1billion for the first time by the end of May, including AED614.854 billion in local currency and AED 398.348 billion in foreign currencies.
