Latest news with #AntiMoneyLaundering
Khaleej Times
a day ago
- Business
- Khaleej Times
UAE imposes Dh3.5-million fine against exchange house
The UAE has imposed a penalty of Dh3.5 million on an exchange house, the Central Bank of the UAE (CBUAE) announced on Monday. The financial sanction was imposed 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 and its amendments. The sanction comes after an investigation revealed that the exchange house failed to comply with AML/CFT policies and procedures. The CBUAE, through its supervisory and regulatory mandates, aims to ensure that all exchange houses, their owners, and staff abide by the UAE laws, regulations and standards established by the CBUAE to maintain transparency of the financial transactions.
Emirates 24/7
a day ago
- Business
- Emirates 24/7
CBUAE Imposes a Financial Sanction on an Exchange House
The Central Bank of the UAE (CBUAE) imposed a financial sanction on an exchange house, 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 and its amendments. The financial sanction of 3,500,000 has been imposed after assessing the findings of an examination conducted by the CBUAE, which revealed that the exchange house failed to comply with AML/CFT policies and procedures. The CBUAE, through its supervisory and regulatory mandates, endeavors to ensure that all exchange houses, their owners, and staff abide by the UAE laws, regulations and standards established by the CBUAE to maintain transparency and integrity of the financial transactions and safeguard the UAE financial system. Follow Emirates 24|7 on Google News.
Khaleej Times
5 days ago
- Business
- Khaleej Times
UAE: Dh100 million fine imposed on exchange house
An exchange house has been fined Dh100 million, the Central Bank of UAE said in a statement on Thursday. The financial sanction was imposed after "significant failures" were found in the examinations conducted by the authority. The failures were in relation to the the Exchange House's Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organisations framework, and related regulations. This was pursuant to Article (137) of the Decretal Federal Law No. (14) of 2018 Regarding the Central Bank and Organisation of Financial Institutions and Activities. The CBUAE, through its supervisory and regulatory mandates, aims to ensure that all exchange houses, their owners, and staff abide by the UAE laws, regulations and standards.
Zawya
5 days ago
- Business
- Zawya
UAE Central Bank imposes financial sanction on exchange house
ABU DHABI - The Central Bank of the UAE (CBUAE) imposed a financial sanction of AED100 million on an exchange house, pursuant to Article (137) of the Decretal Federal Law No. (14) of 2018, regarding the Central Bank and Organisation of Financial Institutions and Activities, and amendments thereto. The financial sanction is based on the results of the findings of examinations conducted by the CBUAE, which revealed significant failures in the exchange house's Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organisations framework, and related regulations. The CBUAE, through its supervisory and regulatory mandates, endeavours to ensure that all exchange houses, their owners, and staff abide by the UAE laws, regulations and standards established by the CBUAE to maintain transparency and integrity of the financial transactions and safeguard the UAE financial system.
Arabian Business
6 days ago
- Business
- Arabian Business
CBUAE issues $5m fines to foreign banks
The Central Bank of the UAE has imposed financial sanctions worth $5m on two branches of foreign banks operating in the UAE, The sanctions amounted to AED10.6m ($2.9m) for the first bank and AED7.5m ($2m) for the second bank, 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. The financial sanctions were imposed based on the findings of examinations conducted by the CBUAE. CBUAE sanctions foreign banks Investigations revealed violations and failures to comply with the Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organisations framework, and related regulations. The CBUAE, through its supervisory and regulatory mandates, endeavours to ensure that all banks and their staff, abide by the UAE laws, regulations and standards established by the CBUAE to maintain transparency and integrity of the financial transactions and safeguard the country's financial system.
