Latest news with #financialSanction
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.
