Latest news with #UAERegulations
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.
The National
20-05-2025
- Business
- The National
UAE Central Bank fines exchange house Dh200m for breaching anti-money laundering rules
The UAE central Bank has imposed a financial sanction of Dh200 million ($54.45 million) on an exchange house in the country for breaching anti-money laundering regulations, as it continues its fight against illicit financial activity in accordance with international standards. The banking regulator fined the exchange house for 'significant failures' in its anti-money laundering, combating the financing of terrorism and illegal organisations framework, and related regulations, it said in a statement on Tuesday, without naming the exchange house. The penalty is based on the results of the findings of examinations conducted by the regulator. A financial sanction of $500,000 was also imposed on a branch manager, who has also been prohibited from holding any position within any licensed financial institutions in the UAE, the regulator said. The UAE has made significant strides in the fight against financial crime in recent years. Effective policies on anti-money laundering and combating the financing of terrorism are key to the integrity and stability of the international financial system and the economies of nations, according to the International Monetary Fund.
Zawya
20-05-2025
- Business
- Zawya
CBUAE imposes a financial sanction of AED 200mln on an exchange house
Abu Dhabi: The Central Bank of the UAE (CBUAE) imposed a financial sanction of amount 200 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 500,000 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, 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.
