UAE slaps Dh200 million fine on exchange house for anti-money laundering law breach
The Central Bank of the UAE (CBUAE) has imposed a hefty fine of Dh200 million on an exchange house after uncovering major violations of anti-money laundering (AML) and counter-terrorism financing regulations.
A branch manager has also been fined Dh500,000 and permanently barred from holding any role at licensed financial institutions in the country.
The penalties were issued under Article 137 of Decretal Federal Law No. (14) of 2018 concerning the Central Bank and Organisation of Financial Institutions and Activities, along with its amendments.
The action follows comprehensive examinations by the CBUAE that revealed serious compliance failures within the exchange house's AML framework and related obligations.
The Central Bank reaffirmed its commitment to enforcing transparency and integrity in the financial sector, stating that all exchange houses, their owners, and employees must fully comply with UAE laws and CBUAE regulations.
The CBUAE, through its supervisory and regulatory mandates, endeavours to ensure regulations and standards established by the authorities.
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