UAE Central Bank fines exchange house AED10.7 million
The decision was taken after an investigation conducted by the Central Bank revealed that the exchange house failed to "comply with anti-money laundering and combating the financing of terrorism policies."
The CBUAE, through its supervisory and regulatory mandates, works to ensure that all exchange houses, their owners and staff abide by the UAE laws adopted to safeguard the transparency and integrity of the UAE financial system.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Emirates 24/7
5 hours ago
- Emirates 24/7
CBUAE issues 2024 Financial Stability Report
The Central Bank of the United Arab Emirates (CBUAE) has issued its 2024 Financial Stability Report, which includes a comprehensive assessment of financial system stability and financial developments across sectors amidst increased global challenges and risks. The report affirmed the robustness of the UAE banking sector, supported by strong capital and liquidity buffers, alongside improved asset quality and continued growth. Financial stability risks in the country remained broadly contained and unchanged, due to robust economic fundamentals, prudent policies, and effective risk management. The report reviews domestic and global macroeconomic trends, financial market conditions, the performance of various sectors, and regulatory developments, with a focus on resilience aspects and emerging risks. It also underscores the CBUAE's commitment to fostering proactive risk monitoring, innovation, and transparency, supporting financial system resilience, and collaborating with local and international partners to enhance the UAE's position as a leading global financial hub. The strong performance of the financial system contributed to enhancing the nation's economic resilience. The UAE's real GDP grew by 4 percent in 2024, driven by growth momentum in the non-oil sector, a key driver for economic diversification. The overall GDP growth outlook is also expected to remain positive for the coming years, reaching 4.4 percent in 2025 and rising to 5.4 percent in 2026. In 2024, the UAE's financial system experienced robust and stable conditions. A significant step in enhancing coordination among key stakeholders was the operationalisation of the UAE Financial Stability Council, chaired by H.H. Sheikh Mansour bin Zayed Al Nahyan, Vice President, Deputy Prime Minister, Chairman of the Presidential Court, Chairman of the Central Bank and Chairman of the Financial Stability Council. This move represented a crucial stride towards bolstering coordination among stakeholders, activating systemic risk oversight, facilitating the assessment of emerging risks, and streamlining timely policy responses to horizontal risks. 2024 also saw the CBUAE reinforce its regulatory and supervisory frameworks through the implementation of new macroprudential tools, strengthening cybersecurity requirements, advancing in sustainable finance, and expanding the scope of climate change risk assessment, in line with international best practices. The comprehensive stress tests conducted by the CBUAE in 2024 confirmed the ability of the UAE's banks to absorb macroeconomic shocks, continue providing credit facilities even under hypothetical adverse scenarios, and maintain high levels of capital and liquidity exceeding minimum requirements, highlighting the banking sector's resilience in addressing global risks. The UAE's non-bank financial institutions (NBFIs) sector achieved significant positive results at various levels. The insurance sector remained resilient, with adequate solvency positions and substantial growth of 21.4 percent, bringing total gross written premiums to AED64.8 billion, thereby reinforcing policyholders' rights. Overall, finance companies maintained adequate capitalisation with further improvements in liquidity levels, while money exchange businesses continued to demonstrate their resilience and operational stability. 2024 also witnessed an acceleration in digital transformation, reflected in increased adoption rates of FinTech and digital payments, the expansion of banking services, and the integration of artificial intelligence and data analytics. The CBUAE continued to develop the national payment and settlement infrastructure through the launch of the Domestic Card Scheme "Jaywan", the widespread adoption of the 'Aani' Instant Payment Platform, and the progress made in the central bank digital currency (CBDC) "Digital Dirham", all of which enhanced the financial system's efficiency and resilience. The report anticipates that the outlook for the UAE's financial system will remain positive, supported by robust economic fundamentals, prudent economic management, and the CBUAE's efforts to support financial system resilience, enhance proactive risk monitoring, innovation, and transparency. Khaled Mohamed Balama, Governor of the CBUAE, said, "The UAE maintained strong economic and financial conditions in 2024, despite growing economic challenges and increasing global risks, supported by national economic growth and the banking system's robustness and resilience. "At CBUAE, we are committed to steadily progressing towards achieving the vision of our wise leadership, the nation's development plans, and our strategic objectives by developing the financial system's regulatory and supervisory framework to ensure sustainable resilience, enhance financial and economic stability, and drive growth momentum and prosperity in the UAE."
Al Etihad
6 hours ago
- Al Etihad
Central Bank of the UAE issues 2024 financial stability report
ABU DHABI (WAM) The Central Bank of the United Arab Emirates (CBUAE) has issued its 2024 Financial Stability Report, which includes a comprehensive assessment of financial system stability and financial developments across sectors amidst increased global challenges and risks. The report affirmed the robustness of the UAE banking sector, supported by strong capital and liquidity buffers, alongside improved asset quality and continued growth. Financial stability risks in the country remained broadly contained and unchanged, due to robust economic fundamentals, prudent policies, and effective risk management. The report reviews domestic and global macroeconomic trends, financial market conditions, the performance of various sectors, and regulatory developments, with a focus on resilience aspects and emerging risks. It also underscores the CBUAE's commitment to fostering proactive risk monitoring, innovation, and transparency, supporting financial system resilience, and collaborating with local and international partners to enhance the UAE's position as a leading global financial hub. The strong performance of the financial system contributed to enhancing the nation's economic resilience. The UAE's real GDP grew by 4 percent in 2024, driven by growth momentum in the non-oil sector, a key driver for economic diversification. The overall GDP growth outlook is also expected to remain positive for the coming years, reaching 4.4 percent in 2025 and rising to 5.4 percent in 2026. In 2024, the UAE's financial system experienced robust and stable conditions. A significant step in enhancing coordination among key stakeholders was the operationalisation of the UAE Financial Stability Council, chaired by His Highness Sheikh Mansour bin Zayed Al Nahyan, Vice President, Deputy Prime Minister of the UAE, Chairman of the Presidential Court, Chairman of the Central Bank, and Chairman of the Financial Stability Council. This move represented a crucial stride towards bolstering coordination among stakeholders, activating systemic risk oversight, facilitating the assessment of emerging risks, and streamlining timely policy responses to horizontal risks. 2024 also saw the CBUAE reinforce its regulatory and supervisory frameworks through the implementation of new macroprudential tools, strengthening cybersecurity requirements, advancing in sustainable finance, and expanding the scope of climate change risk assessment, in line with international best practices. The comprehensive stress tests conducted by the CBUAE in 2024 confirmed the ability of the UAE's banks to absorb macroeconomic shocks, continue providing credit facilities under hypothetical adverse scenarios, and maintain high levels of capital and liquidity exceeding minimum requirements, highlighting the banking sector's resilience in addressing global risks. The UAE's non-bank financial institutions (NBFIs) sector achieved significant positive results at various levels. The insurance sector remained resilient, with adequate solvency positions and substantial growth of 21.4 percent, bringing total gross written premiums to Dh64.8 billion, thereby reinforcing policyholders' rights. Overall, finance companies maintained adequate capitalisation with further improvements in liquidity levels, while money exchange businesses continued to demonstrate their resilience and operational stability. 2024 also witnessed an acceleration in digital transformation, reflected in increased adoption rates of FinTech and digital payments, the expansion of banking services, and the integration of artificial intelligence and data analytics. The CBUAE continued to develop the national payment and settlement infrastructure through the launch of the Domestic Card Scheme "Jaywan", the widespread adoption of the 'Aani' Instant Payment Platform, and the progress made in the central bank digital currency (CBDC) "Digital Dirham", all of which enhanced the financial system's efficiency and resilience. The report anticipates that the outlook for the UAE's financial system will remain positive, supported by robust economic fundamentals, prudent economic management, and the CBUAE's efforts to support financial system resilience, enhance proactive risk monitoring, innovation, and transparency. Khaled Mohamed Balama, Governor of the CBUAE, said, "The UAE maintained strong economic and financial conditions in 2024, despite growing economic challenges and increasing global risks, supported by national economic growth and the banking system's robustness and resilience. "At CBUAE, we are committed to steadily progressing towards achieving the vision of our wise leadership, the nation's development plans, and our strategic objectives by developing the financial system's regulatory and supervisory framework to ensure sustainable resilience, enhance financial and economic stability, and drive growth momentum and prosperity in the UAE."
Zawya
6 hours ago
- Zawya
Turkey inflation falls to 33.52% in July, below forecast
ISTANBUL - Turkish annual consumer price inflation dipped more than expected to 33.52% in July, official data showed on Monday, sustaining a downward trend despite strong rises in housing and education sector prices. Month-on-month, inflation was 2.06%, the Turkish Statistical Institute said, below forecasts. In June, CPI inflation was 1.37% monthly and 35.05% annually. In a Reuters poll, the monthly inflation rate was expected to be 2.4% in July, with the annual rate seen at 34.05%. On July 24, the central bank cut its policy rate by 300 basis points and relaunched an easing cycle, while saying that leading indicators suggest a temporary rise in monthly inflation in July due to month-specific factors. A mid-year hike in fuel and tobacco prices as well as a rise in natural gas prices had been expected to drive monthly inflation. Transport prices rose 2.89% month-on-month and alcoholic drinks and tobacco prices rose 5.69%. Housing prices were up 5.78%. The domestic producer price index rose 1.73% month-on-month in July for an annual rise of 24.19%, the data showed. Inflation is seen dropping to 29.75% at the end of this year according to the poll median, higher than the central bank forecast of 24%. Finance Minister Mehmet Simsek said that the disinflation is in line with targets and that year-end inflation will be within the central bank's forecast range. "We will continue to resolutely implement our program to achieve lasting price stability, our primary priority," Simsek also said in a post on X.
