Latest news with #DecretalFederalLawNo.
Gulf Today
a day ago
- Business
- Gulf Today
Central Bank of UAE imposes financial sanction of Dhs100m on exchange house
The Central Bank of the UAE (CBUAE) imposed a financial sanction of Dhs100 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. WAM
Al Etihad
2 days ago
- Business
- Al Etihad
UAE Central Bank imposes financial sanction of Dh100 million on exchange house
29 May 2025 14:01 ABU DHABI (WAM) The Central Bank of the UAE (CBUAE) imposed a financial sanction of Dh100 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 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.
ARN News Center
20-05-2025
- Business
- ARN News Center
Exchange house fined AED 200 million for compliance failures
The Central Bank of the UAE has imposed a financial penalty of AED 200 million on an exchange house for serious violations of anti-money laundering and counter-terrorism financing regulations. The sanction follows extensive examinations by the Central Bank, which uncovered major compliance failures within the exchange house's operations. In addition, a branch manager has been fined AED 500,000 and banned from holding any role in UAE-licensed financial institutions. The Central Bank says these actions are part of its ongoing efforts to uphold transparency, enforce financial regulations and protect the integrity of the UAE's financial system. The #CentralBankUAE imposed a financial sanction of amount AED200 million on an exchange house, pursuant to Article (137) of the Decretal Federal Law No. (14) of 2018 Regarding the Central Bank and Organization of Financial Institutions and Activities, and amendments thereto.… — Central Bank of the UAE (@centralbankuae) May 20, 2025
Dubai Eye
20-05-2025
- Business
- Dubai Eye
Exchange house fined AED 200 million for compliance failures
The Central Bank of the UAE has imposed a financial penalty of AED 200 million on an exchange house for serious violations of anti-money laundering and counter-terrorism financing regulations. The sanction follows extensive examinations by the Central Bank, which uncovered major compliance failures within the exchange house's operations. In addition, a branch manager has been fined AED 500,000 and banned from holding any role in UAE-licensed financial institutions. The Central Bank says these actions are part of its ongoing efforts to uphold transparency, enforce financial regulations and protect the integrity of the UAE's financial system. The #CentralBankUAE imposed a financial sanction of amount AED200 million on an exchange house, pursuant to Article (137) of the Decretal Federal Law No. (14) of 2018 Regarding the Central Bank and Organization of Financial Institutions and Activities, and amendments thereto.… — Central Bank of the UAE (@centralbankuae) May 20, 2025
Gulf Today
20-05-2025
- Business
- Gulf Today
CBUAE imposes financial sanction of Dhs200 million on exchange house
The Central Bank of the UAE (CBUAE) imposed a financial sanction of amount Dhs200 million on an exchange house, pursuant to Article )137( of the Decretal Federal Law No. (14) of 2018 Regarding the Central Bank and Organization 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 Organizations framework, and related regulations. Furthermore, a financial sanction of Dhs500,000 was imposed on a branch manager, who has also been prohibited from holding any position within any licensed financial institutions in the UAE. 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.
