Latest news with #UAERegulations
The National
25-06-2025
- Business
- The National
UAE Central Bank suspends bank's Islamic window from onboarding new customers for six months
The UAE Central Bank has suspended the Islamic window of a bank operating in the country from onboarding new customers for six months and also fined it more than Dh3.5 million ($953,632) for non-compliance with Sharia governance rules. The sanctions were imposed following the banking regulator's Sharia supervision examination, which found breaches by the bank, the Central Bank said on Wednesday. The name of the lender was not disclosed. 'The Central Bank, through its supervisory and regulatory mandates, endeavours to ensure that all banks and their staff, abide by the UAE laws, regulations and standards … to maintain transparency and integrity of the banking sector and safeguard the UAE financial system,' it said. The banking regulator has been cracking down heavily on regulatory non-compliance in recent weeks. On Tuesday, it imposed a Dh2 million fine on an exchange house for failing to comply with the country's anti-money laundering and counter-terrorism financing (AML/CFT) policies and procedures. Last month, it also imposed a Dh100 million fine on an exchange house for 'significant failures' in its AML/CFT framework and related regulations. It also fined an exchange house Dh200 million for the same offence in May. A Dh500,000 fine was also imposed on a branch manager, who was banned from working in any licensed financial institutions in the UAE. Earlier this month, the European Commission, the EU's main executive body, removed the UAE from its list of countries that pose a high risk for money laundering, amid growing efforts by the Emirates to boost its regulatory framework. The commission said the list was updated after taking into account the work of the Financial Action Task Force. The updated list will come into force after it receives 'no‑objection' from the European Parliament and the council within one month, which can be extended for another month. The FATF, the global body that combats money laundering and terrorism financing, removed the UAE from its 'grey list' in February last year after significant progress on reforms. The Emirates was placed on the grey list in 2022.
Khaleej Times
10-06-2025
- Business
- Khaleej Times
UAE Central Bank fines 6 money exchange houses Dh12.3 million for violating laws
Six exchange houses in the UAE have been penalised with financial sanctions by the Central Bank of the UAE (CBUAE) amounting to Dh12,300,000. The exchange houses failed to comply with policies and procedures related to anti-money laundering and combating the financing of terrorism and illegal organisations. The penalty comes according 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 (AML/CFT) and its amendments, and its amendments. The financial sanctions were imposed based on the findings of examinations conducted by the CBUAE, which revealed the violations and failures of the six exchange houses to comply with the regulations. Through its supervisory and regulatory mandates, the CBUAE works to ensure that all exchange houses, their owners, and staff abide by the UAE's laws, regulations, and standards established by the CBUAE to maintain the transparency and integrity of financial transactions and safeguard the UAE's financial system.
Khaleej Times
03-06-2025
- General
- Khaleej Times
New UAE media law: Fines of up to Dh1 million for insulting religious beliefs
A new media law has come into effect in the UAE as of May 29, introducing a strict regulatory framework for all media activities in the country. The law carries hefty penalties up to Dh1 million, for violations ranging from insulting religious beliefs to operating without a license. The legislation reinforces the UAE's commitment to promoting ethical, respectful, and responsible media conduct. It outlines a series of offenses, many of which come with tiered fines depending on the severity or repetition of the violation.
The National
02-06-2025
- Business
- The National
UAE Central Bank fines exchange house Dh3.5m for failure to comply with anti-money laundering law
The UAE Central Bank imposed a fine of Dh3.5 million ($953 million) on an exchange house for failing to comply with the country's law on anti-money laundering and counter-terrorism financing (AML/CFT), as it continues its crackdown on financial crimes. The Central Bank said on Monday that it assessed the findings of an examination that revealed offences by the exchange house, which was not named. It has been cracking down on regulatory non-compliance in recent weeks. Last week, it imposed a Dh100 million fine on an exchange house for 'significant failures' in its AML/CFT framework and related regulations. The regulator last month also fined an exchange house Dh200 million for the same offence. A Dh500,000 fine was also imposed on a branch manager, who was banned from working in any licensed financial institutions in the UAE. The Central Bank also fined two branches of foreign banks operating in the country a total of Dh18.1 million last week for breaching anti-money laundering regulations. 'The UAE Central Bank, 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 … to maintain transparency and integrity of the financial transactions and safeguard the UAE financial system,' it said. The UAE has introduced a series of initiatives to regulate the country's financial sector and has passed strict laws to prevent money laundering and the financing of terrorism. The Central Bank unveiled AML/CFT guidelines in 2023 for licensed financial institutions – including banks, finance companies, exchange houses, insurance companies, agents and brokers. The guidelines focus on the use of digital identification systems by licensed financial institutions to address customers' due diligence obligations. Last year, the UAE also announced an action plan to boost its fight against illicit financial activity, introducing the 2024-2027 National Strategy for Anti-Money Laundering, Countering the Financing of Terrorism and Proliferation Financing. The strategy has 11 goals outlining the 'legislative and regulatory reforms the UAE is taking to prevent the impact of illegal activities on society'. It was developed by the General Secretariat of the National Committee using World Bank Group methodology to ensure it meets international standards. In August, the government amended its laws against money laundering and the financing of terrorism and crime groups and formed a national committee on these crimes. In 2021, the UAE also established the Executive Office of Anti-Money Laundering and Counter-Terrorism Financing, an agency to deal with money launderers, as well as organisations and people suspected of financing terrorists and organised crime.
Arabian Business
29-05-2025
- Business
- Arabian Business
UAE central bank slaps $27.8mn fine on exchange house
The Central Bank of the UAE (CBUAE) has imposed a financial sanction of AED100 million on an exchange house following failures in anti-money laundering controls. The penalty was issued 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 stems from examination findings conducted by the CBUAE, which revealed failures in the exchange house's anti-money laundering and combating the financing of terrorism and illegal organisations framework, and related regulations. The CBUAE has stated that through its supervisory and regulatory mandates, it '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.' The central bank has not disclosed the identity of the exchange house or provided details about the nature of the violations discovered during its examinations. The penalty represents part of the CBUAE's ongoing efforts to maintain compliance with anti-money laundering and counter-terrorism financing regulations across the UAE's financial sector.
