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.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Sharjah 24
an hour ago
- Sharjah 24
SCCI underscores need for facilitating trade missions to Ethiopia
Strengthen bilateral trade and investment ties The Chamber also seeks to strengthen bilateral trade and investment ties between the UAE and Ethiopia, as part of its strategic vision to expand the outreach of its trade mission throughout Africa. These remarks were made during a meeting, held at SCCI's headquarters, between Abdallah Sultan Al Owais, Chairman of SCCI, and Aklilu Kebede Erena, Consul General of the Federal Democratic Republic of Ethiopia in Duba and Northern Emirates. The meeting was attended by a number of SCCI board members, alongside Abdul Aziz Al Shamsi, Assistant Director-General for Communication and Business Sector at SCCI; Dr. Fatima Khalifa Al Muqarrab, Director of the International Relations Department at SCCI, and several officials from both sides. Discussed ways to strengthen economic partnership During the meeting, both sides discussed ways to strengthen economic partnership between Sharjah and Ethiopia. They underscored the potential for expanding investment and trade in key sectors such as agriculture, manufacturing, technology, and infrastructure. They also addressed the importance of co-hosting economic events, including exhibitions and conferences that bring together business communities from both countries, thereby fostering the exchange of expertise and supporting the growth of mutual investments.4 The efforts can by further reinforced by the Memorandum of Understanding signed between the Sharjah Chamber and the Ethiopian Investment Commission (EIC), which provides a strategic framework for enhancing bilateral economic and investment cooperation. AED 34 billion between 2013 and 2022 Abdallah Sultan Al Owais extended a warm welcome to the visiting delegation and praised the strong and growing economic relations between the UAE and Ethiopia. He noted that non-oil trade between the two countries recorded a growth of more than 180% over the past years, reaching a cumulative value of AED 34 billion between 2013 and 2022. He added that these positive outcomes pave the way for broader economic and trade collaboration between the two friendly nations, enabling both sides to capitalize on their diverse investment opportunities. Reaffirmed the Sharjah Chamber's commitment to deepening economic partnerships with East African countries Al Owais reaffirmed the Sharjah Chamber's commitment to deepening economic partnerships with East African countries, noting that the African continent, particularly Ethiopia, possesses significant investment potential in key sectors. This positions the continent as a highly attractive destination for investors and business leaders from Sharjah and the UAE at large. For his part, Aklilu Kebede Erena commended the Sharjah Chamber for its proactive efforts to enhance bilateral economic cooperation and its commitment to fostering closer ties between the business community in Sharjah and its counterparts in Ethiopia. He emphasised that Ethiopia welcomes foreign investment and offers promising opportunities in vital sectors including agriculture, manufacturing, energy, and infrastructure.
Arabian Post
4 hours ago
- Arabian Post
How to Create an Online Invoice for Free in 2025
Running a business in 2025 is increasingly moving online — and documentation is no exception. One of the most common questions among entrepreneurs and freelancers is how to quickly and correctly issue an invoice without involving accountants, dealing with paperwork, or registering on complex platforms. While managing finances and sending invoices is becoming simpler, it's just as important to have a reliable online presence to support your business. You can get the best hosting experience with our affordable VPS plans in Dubai In this article, we'll explain what an online invoice is, how to properly create one, how it differs from other documents, and — most importantly — how to send a free invoice in just 2 minutes using even if you're not an accountant. ADVERTISEMENT What Is an Online Invoice, Its Purpose, Differences, and Benefits An invoice is a document in which the seller (or service provider) lists goods or services that need to be paid for by the buyer. It is not a mandatory legal document but is widely used in business practice — especially as a preliminary basis for payment. An online invoice is the same document, but created and sent via the internet. Its advantages include: No need to install software Accessible from any device Quick and easy to send to clients Convenient cloud or email storage Minimizes errors thanks to templates Document Type Description Required? Invoice A request for payment for goods or services Yes, commonly used Invoice-Contract An invoice that also serves as a contract Sometimes used Tax Invoice A formal accounting document for VAT reporting Only under standard tax systems How to Create an Online Invoice for Free Using You can create an invoice in just a few minutes — completely free of charge. Visit the page of free invoice generator Instructions: ADVERTISEMENT Go to the 'Invoicing' section on the website. Enable the simplified mode if you're new. Click '+' to create a new invoice. Fill in the main fields: Select the invoice type Enter customer details (choose from your list or add a new one) Add products or services with prices and quantities Optionally, apply a discount and select VAT rate Click 'Save' to generate the invoice. Then you can: Print the invoice by selecting a template and format Or send it directly by email, specifying the recipient and message That's it! Issuing an invoice takes only a couple of minutes. It's completely free, no registration required. Supports UAE company details, currency in AED, and logo upload. Who Is This For? Advantages of is the perfect solution if you're operating in the UAE: Freelancer or self-employed professional Sole proprietor Small business owner Offering one-time services Just starting to work with clients Why choose Free and unlimited use. Secure – data is not stored. User-friendly interface. Ready-to-use PDF invoices. Can be used as a temporary or long-term solution. Other Ways to Issue Invoices Online Besides you can use: Online banking (e.g., Emirates NBD, ADCB) Accounting systems like Zoho Books or QuickBooks Excel templates filled manually Paid SaaS platforms requiring registration However, many of these options: Require time to learn and complex sign-up Have limits on the number of documents May store your data or charge fees wins with its simplicity and lack of barriers. Why You Need to Issue an Invoice To formalize agreements with clients For bookkeeping and reporting (e.g., for sole proprietors) To request advance payments As an appendix to a contract For tax purposes (if you're under standard taxation) For the client — so they know exactly how and what to pay Rules for Filling Out an Invoice An invoice should contain: Seller details (VAT number, bank account, address, etc.) Buyer details (if available) Invoice number and date List of goods/services, quantity, price, total amount Total sum, including VAT (or marked 'VAT-exempt') Payment method (bank transfer, etc.) If you are self-employed or on a simplified tax system without VAT, a standard invoice is sufficient. Frequently Asked Questions Do I need to sign the invoice? No, sending it via email is enough. By default, the invoice acts as an offer. Is an invoice mandatory? No, but it's convenient for both parties, especially when making non-cash payments. Can an invoice replace a contract? Yes, if you specify that the invoice has the force of a contract — particularly for one-time deals. How do I add a logo? With simply upload your logo before creating the invoice. Conclusion Creating an invoice online is simple — especially with a tool like You'll get: Instant results Professionally formatted PDFs Compliance with local standards Zero costs Try it now — Go to It will save you time and eliminate paper-based routine. Also published on Medium. Notice an issue? Arabian Post strives to deliver the most accurate and reliable information to its readers. If you believe you have identified an error or inconsistency in this article, please don't hesitate to contact our editorial team at editor[at]thearabianpost[dot]com. We are committed to promptly addressing any concerns and ensuring the highest level of journalistic integrity.
Fintech News ME
6 hours ago
- Fintech News ME
AED 2 Billion in Open Finance Payments Tracked in UAE
Lean Technologies, a financial infrastructure provider in MENA has published a comprehensive whitepaper detailing how Open Finance is redefining payments in the UAE. Titled The Dawn of Open Finance – Payments, the report serves as a reference for fintech companies, digital platforms, financial institutions and policymakers seeking to understand how regulatory frameworks and new technologies are coming together to reshape payment systems in the country. The whitepaper outlines the foundational components of Open Finance in the UAE, with a particular focus on payments. It explains how account-to-account payments are becoming a viable alternative to traditional card-based transactions, supported by regulatory infrastructure developed by the Central Bank of the UAE. These payments are initiated and authorised through licensed third party providers using regulated APIs, enabling users to make real-time transfers directly from their bank accounts. Key elements of the UAE's Open Finance model include AlTareq, a centralised user interface standard that ensures a consistent payment experience, and Aani, the country's national real-time payments rail. Together, these initiatives enable faster, more secure, and more transparent transactions for both consumers and businesses. The whitepaper also breaks down various payment types enabled through Open Finance, such as single instant payments, future-dated payments, fixed and variable recurring payments, and bulk or batch disbursements. Each type is accompanied by a consent model that specifies transaction limits, authorisation timeframes, and access controls, providing users with full visibility and control. A comparison with other payment methods highlights the practical benefits of Open Finance, including lower transaction fees for merchants, reduced fraud risks, and near-instant settlement through domestic rails. In contrast to cards or manual bank transfers, Open Finance offers embedded experiences within apps or platforms, eliminating the need for manual data entry or external redirection. The paper also outlines the governance framework behind Open Finance in the UAE, including the role of consent as a mandatory, standardised element across all services. It provides a detailed view of how users authenticate, authorise, and manage their payment permissions, with features such as multi-factor authentication, real-time notifications, and revocation controls. Lean, which is licensed as a third party provider in the UAE, developed the paper based on its operational experience supporting Open Finance across the region. The company states that while systems like Aani provide the payment infrastructure, businesses often require additional layers of integration and support. Lean's role, the paper notes, is to bridge that gap by offering developer-friendly APIs, unified bank connectivity, and real-time payment orchestration. With integrations across more than 16 banks, covering 99 per cent of the UAE's banked population, Lean reports that its technology is currently in use by platforms such as Careem, e&, DAMAC and Lulu Money. The company says the whitepaper reflects both the current state of Open Finance and the opportunities that lie ahead as adoption increases.
