Latest news with #exchangehouse
Arabian Business
3 days ago
- Business
- Arabian Business
UAE fines exchange house $953,000 over rule violations
The Central Bank of the UAE 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 AED3.5m ($953,000) has been imposed after assessing the findings of an examination conducted by the Central Bank, which revealed that the exchange house failed to comply with AML/CFT policies and procedures. Central Bank of the UAE imposes exchange house sanction The CBUAE, through its supervisory and regulatory mandates, endeavours to ensure that all exchange houses, their owners, and staff abide by the nation's laws, regulations and standards established by the Central Bank to maintain transparency and integrity of the financial transactions and safeguard the United Arab Emirates financial system.
Khaleej Times
4 days 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
4 days 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
20-05-2025
- Business
- Khaleej Times
UAE slaps Dh200 million fine on exchange house for anti-money laundering law breach
The Central Bank of the UAE (CBUAE) has imposed a hefty fine of Dh200 million on an exchange house after uncovering major violations of anti-money laundering (AML) and counter-terrorism financing regulations. A branch manager has also been fined Dh500,000 and permanently barred from holding any role at licensed financial institutions in the country. The penalties were issued under Article 137 of Decretal Federal Law No. (14) of 2018 concerning the Central Bank and Organisation of Financial Institutions and Activities, along with its amendments. The action follows comprehensive examinations by the CBUAE that revealed serious compliance failures within the exchange house's AML framework and related obligations. The Central Bank reaffirmed its commitment to enforcing transparency and integrity in the financial sector, stating that all exchange houses, their owners, and employees must fully comply with UAE laws and CBUAE regulations. The CBUAE, through its supervisory and regulatory mandates, endeavours to ensure regulations and standards established by the authorities.
