UAE Central Bank fines exchange houses $1.12m for anti-money laundering violations
The Central Bank of the UAE has imposed financial penalties totalling AED4.1m ($1.12m) on three exchange houses for failing to comply with anti-money laundering (AML) and counter-terrorism financing (CFT) regulations. The sanctions, issued under…
The Central Bank of the UAE has imposed financial penalties totalling AED4.1m ($1.12m) on three exchange houses for failing to comply with anti-money laundering (AML) and counter-terrorism financing (CFT) regulations.
The sanctions, issued under Article (14) of Federal Decree Law No. (20) of 2018, follow detailed examinations by the Central Bank, which found significant compliance shortcomings.
These included deficiencies in implementing adequate AML/CFT procedures and policies intended to detect and prevent illicit financial activity.
CBUAE fines
The action is part of the CBUAE’s broader mandate to supervise and regulate financial institutions across the United Arab Emirates, ensuring they operate in accordance with local laws and the highest international standards.
By holding exchange houses accountable, the Central Bank aims to maintain transparency, financial stability, and compliance with global AML/CFT frameworks.
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