CBUAE imposes sanctions of AED12.3 M on exchange houses
Reasons for sanctions
The sanctions were enacted based on findings from examinations conducted by the CBUAE. These examinations revealed violations and failures by the six exchange houses to comply with the Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) framework and related regulations.
CBUAE's commitment to compliance
Through its supervisory and regulatory mandates, the CBUAE strives to ensure that all exchange houses, along with their owners and staff, adhere to UAE laws, regulations, and standards. This commitment aims to maintain transparency and integrity in financial transactions and protect the UAE financial system.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Gulf Business
2 hours ago
- Gulf Business
EU to remove UAE from AML/CFT ‘high-risk' list, adds Algeria, Lebanon
Image: Getty Images/ For illustrative purposes The European Commission has proposed removing the UAE from its list of high-risk countries for money laundering and terrorist financing, while adding Algeria and Lebanon along with eight other jurisdictions, according to a statement published by the Under the delegated regulation update, which may take effect within a month unless blocked by EU member states or the European Parliament, the UAE will be delisted alongside Barbados, Gibraltar, Jamaica, Panama, the Philippines, Senegal, and Uganda. In contrast, Algeria, Angola, Côte d'Ivoire, Kenya, Laos, Lebanon, Monaco, Namibia, Nepal, and Venezuela will be classified as high-risk jurisdictions subject to enhanced monitoring . The EU's high-risk list, established under the Fourth Anti-Money Laundering Directive, identifies third-country jurisdictions with strategic deficiencies in AML/CFT regimes. Inclusion prompts greater scrutiny from EU financial institutions and complicates access to funding. Significant implications for the UAE and other countries UAE: Having been added to the EU's list in March 2023, the UAE has undergone extensive reforms, including a national anti-money laundering strategy. Its removal follows its February 2024 exit from the FATF's 'grey list' and is grounded in improvements in legislative oversight, regulatory systems, and enforcement action. Read: Algeria: Persistent concerns about corruption and financial misconduct, highlighted by a 2024 Transparency International ranking of 107th globally and high-profile prosecutions — including a five-year jail term in April for a former presidential aide — have underpinned its inclusion. Lebanon: Added amid its prolonged economic and political turmoil, Lebanon's vulnerabilities include its connection to non-state armed groups. The commission based its update on FATF's grey list, bilateral dialogues, on-site reviews, and a thorough technical assessment . It reaffirmed alignment with FATF standards and reiterated the EU's resolve to protect its internal financial system through global AML/CFT cooperation. For the changes to become effective, they must undergo a one-month scrutiny period during which the European Parliament or Council can raise objections.
Gulf Today
16 hours ago
- Gulf Today
Trump wants to 'liberate' Los Angeles, residents say 'no thanks'
US President Donald Trump says he sent in the National Guard and Marines to "liberate" Los Angeles from the violence of protesters, but some residents of Little Tokyo, a neighbourhood hit hardest by the unrest say "no thanks" Mr President. Los Angeles police began arresting people in the city's downtown late on Tuesday, as groups gathered in violation of an overnight curfew after a fifth day of protests against Trump's immigration crackdown. Looting and vandalism in the second-biggest US city have marred the largely peaceful protests over ramped-up arrests by immigration authorities. A dozen people who live, work or frequent the neighbourhood, where Japanese is heard spoken as frequently as English in shops and restaurants, on Tuesday told Reuters that Trump's use of the military was inflaming the protests against recent immigration raids in Los Angeles. "The president sending in the National Guard and Marines has only made things worse, it's made the protesters go crazy," said Sulieti Havili, who lives nearby and helps run a Pokemon club with over 6,000 members that routinely plays in Little Tokyo. "They are doing nothing to protect this community." California Highway Patrol officers detain protesters near the 101 freeway. AFP Havili, 25, who was out picking up trash in Little Tokyo with her Pokemon club partner Nolberto Aguilar, 42, said it was clear to her that Trump sending in thousands of military personnel had "brought out the worst in the protesters" and only served to aggravate the situation. Aguilar added that Trump's deployment of troops was thwarting the will of most Los Angeles citizens and local leaders, fanning the flames created by ICE immigration raids, that he said targeted law-abiding immigrants. The Trump administration says its immigration raids are rounding up de facto criminals for lacking proper documents to stay in the United States. California Highway Patrol officers detain protesters near the 101 freeway in Los Angeles. AFP California Governor Gavin Newsom has said the use of military personnel to combat the protests had "inflamed a combustible situation" and warned that "democracy is under assault." Los Angeles Mayor Karen Bass has said that Trump's use of troops was a deliberate effort to create "chaos." The Trump administration strongly rejects the accusations and says their actions were needed in the face of local and state leaders inability to get the situation under control. 'INSTIGATING' ACTION Little Tokyo, a charming neighborhood with shops selling Japanese goods and restaurants serving up some of the city's finest sushi, abuts the federal buildings where protesters have gathered for five nights in a row. For the past two nights, when police and National Guard troops have forcibly dispersed protesters in the early evening, demonstrators scatter into smaller groups into Little Tokyo, which has been covered with anti-ICE and anti-Trump graffiti. A protester is arrested by California Highway Patrol near the federal building in downtown Los Angeles. AP Running skirmishes well into the night in the neighborhood has seen police use booming flash-bangs and firing other "less lethal" munitions at protesters. Several of those interviewed in Little Tokyo asked that they not be named, saying they feared reprisals - from the federal government. Many were immigrants themselves or had family members who were not born in the US, and feared making themselves or their loved ones targets of ICE. One of those was Anthony, who works at a tea shop in the neighbourhood. "There is no question that the president sending in thousands of National Guard and 700 Marines has done nothing but make the protesters more aggressive," he said. "It's instigating the protesters and making things worse." Samantha Lopez, a descendent of Filipino immigrants who works at a Korean ice cream parlor in Little Tokyo, said she felt empathy for the demonstrators but rejected any acts of vandalism or violence they carry out. Still, she blamed the use of military personnel for creating the unrest. "It's just poor handling of protests that stay peaceful until they're confronted by officers," Lopez said. "It's bad for business, and it's bad for this neighbourhood." Reuters
Fintech News ME
a day ago
- Fintech News ME
UAE Central Bank Fines Six Exchange Houses AED 12.3 Million Over AML Breaches
The Central Bank of the UAE (CBUAE) has imposed financial penalties totalling AED 12.3 million on six exchange houses operating in the country. These sanctions were issued in accordance with Article (14) of Federal Decree Law No. (20) of 2018 concerning Anti-Money Laundering (AML), Combating the Financing of Terrorism (CFT), and the financing of illegal organisations, along with its subsequent amendments. The penalties followed thorough inspections by the CBUAE, which uncovered multiple breaches of the UAE's AML/CFT regulations. These included failures to adhere to the established compliance framework and related regulatory obligations. While the central bank confirmed that six exchange houses were penalised, it did not disclose their names. As part of its supervisory and regulatory responsibilities, the CBUAE remains committed to ensuring that all licensed exchange houses, along with their proprietors and staff, fully comply with UAE laws and the standards set by the central bank. These efforts aim to uphold the transparency and integrity of financial transactions and protect the broader financial system of the UAE.
