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…
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.
More from Capital & Sovereign Wealth Desk
Saudi Logistics Plan Moves From Strategy to Capacity
Saudi Arabia’s logistics agenda is becoming a national competitiveness test as the kingdom works to connect ports, airports,…
India–GCC FTA Talks Put Trade Corridor in Focus
India and the GCC have moved from strong trade flows to a more formal negotiation over rules, services,…
Gulf Wealth Funds Take Wider Role in National Strategy
Sovereign investors across the Gulf are increasingly operating as instruments of industrial policy, global capital influence and domestic…