UAE: Exchange house fined Dh10.7 million for violating anti-money laundering law
This financial sanction was imposed after the authority found that the exchange house failed to comply with the AML/CFT policies and procedures.
It was implemented under 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 CBUAE, through its supervisory and regulatory mandates, endeavours to ensure that all exchange houses, their owners, and staff abide by the local laws.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
UAE Moments
8 minutes ago
- UAE Moments
Bangladeshi Tailor Wins Dh20 Million on First Try With Big Ticket
In a heartwarming twist of fate, a Bangladeshi tailor living in Dubai has won Dh20 million in the latest Big Ticket draw — on his very first attempt. Sabuj Miah Amir Hossain Dewan, 36, who has been residing in Dubai for 18 years, bought his first-ever ticket in-store during a visit to Abu Dhabi, inspired by friends who frequently entered the draw. 'This was my first time purchasing a ticket, and I bought it on my own. I often heard about Big Ticket from friends around me, so I thought, why not take a chance?' Sabuj shared. 'I'm a humble tailor earning a modest salary, so you can imagine the emotions running through me right now.' Originally from Bangladesh, Sabuj has spent years working in the UAE to support his family back home. With this life-changing win, he's taking things slow: 'I haven't made any decisions yet about how I'll use the prize money. I want to speak with my family first.' He added that he might buy another ticket in the future, but for now, he's just soaking it all in. But Sabuj wasn't the only one with a reason to celebrate. Another Bangladeshi expat, Parvez Hosen Anower Hossain, 42, who has lived in Sharjah since 2009, drove away with a brand-new Range Rover Velar. For four years, Parvez made monthly road trips from Sharjah to Abu Dhabi to buy his tickets in person. 'Every month, for the past four years, I've driven from Sharjah to Abu Dhabi to buy the tickets in person,' he said. 'Today, that commitment has truly been rewarded, and I couldn't be happier.' He hasn't yet decided what to do with the luxury vehicle, but one thing is certain — he's not done playing. 'I will continue participating in Big Ticket draws. Why wouldn't I? It's brought me and my family so much happiness.' What's Coming Up in August? Big Ticket's August grand promotion is officially live. One lucky winner will walk away with Dh15 million in the upcoming draw on September 3. That night, six other participants will score Dh100,000 each. And for customers who buy two or more cash tickets in one go between August 1 and 25? You might just get selected to attend the live draw — with guaranteed cash prizes of up to Dh150,000 waiting. Also up for grabs: a BMW M440i to be awarded on September 3 and a Range Rover Velar lined up for October 3.
Khaleej Times
8 minutes ago
- Khaleej Times
Abu Dhabi properties: Villas heavily in demand due to shortage of apartments
Demand is heavily tilted in favour of villas in Abu Dhabi due to a shortage of apartments and rising demand from the millionaires and qualified professionals, say industry executives. 'Villas have continued to outperform over the past five years, delivering growth of 35 per cent. In Abu Dhabi, villas make up 37.4 per cent of the total supply pipeline, and the rest is apartments. Based on current demand, which is heavily tipped in favour of villas, prices will likely continue outperforming apartments simply because there are not that many villas coming through,' said Faisal Durrani, partner and head of research, Mena, Knight Frank. 'When you overlay average prices for villas which stand at around Dh1,100 per square foot, compared to double that level in Dubai, it is easy to understand why some buyers view Abu Dhabi as better value for money, which for some also offers a more family-friendly lifestyle,' he said, after the release of the second quarter report about the UAE capital's real estate sector. According to Knight Frank, over the long term, villas are the standout for value growth as prices registered a 3.4 per cent quarter-on-quarter rise in Q2, reaching Dh1,103 per sq ft, representing a 42.3 per cent uplift since Q1 2020. Villas on Al Saadiyat Island saw the strongest price appreciation, up 28 per cent year-on-year, followed by Yas Island, where villas experienced a 22 per cent increase. Between April to June 2025, the UAE capital's residential market saw average prices rising by 6.4 per cent quarter on quarter to Dh1,230 per sq ft, while total annual growth was 17.3 per cent. Apartments in the UAE Capital saw values increasing by 6.8 per cent to Dh1,296 per sq ft, a 17.3 per cent year‑on‑year uplift and a 28.7 per cent above Q1 2020 levels. Al Raha Beach led the apartment market with price growth of 11 per cent since H1 2024, followed by Al Saadiyat Island at 10 per cent. Both locations epitomise the prime beachfront living available in Abu Dhabi, with Al Raha Beach also benefiting from its proximity to the leisure attractions of Yas Island. Shehzad Jamal, partner strategy and consulting for Mena at Knight Frank, said around 63 per cent of global high-net-worth individuals interested in buying in Abu Dhabi are doing so for personal reasons. 'They intend to use the property as their main residence, holiday home, or for retirement. The remaining 37 per cent are investment-driven. For buyers who may have been priced out of Dubai, or who want to diversify their UAE portfolio, Abu Dhabi is increasingly attractive, with average residential prices growing by around 17 per cent year-on-year,' said Jamal. 33,000 units under construction The global real estate consultancy said supply struggled to keep pace with rising demand during the first half of the year, with residential transactions totalling Dh9 billion during H1 2025, 36 per cent lower than the first half of 2024. Its data showed that 890 new residential units have been delivered in 2025, and 33,074 are under construction and scheduled for delivery by 2029. Apartments comprise 62 per cent of this future supply pipeline. Yas Island, with its world-class theme parks and beach resorts, is the top location for new supply by some margin, with more than 8,000 units in the pipeline. It is followed by circa 3,000 units planned in the more traditional residential district of Al Shamkha. Meanwhile, new branded residences developed by Aldar for Mandarin Oriental and Nobu bolster the pipeline for Saadiyat Island. 'There is growing interest in Abu Dhabi from international buyers thanks to the emirate's excellent leisure and lifestyle amenities, and supportive business conditions, and we therefore expect strong uptake of the 33,000-plus new units coming to market between now and 2029. Our data shows that seven per cent of buyers are interested in off-plan homes, suggesting an increasing desire to purchase property that can be used immediately, whether as a primary residence or holiday home,' said Will McKintosh, regional partner and head of residential for Mena at Knight Frank.
The National
8 minutes ago
- The National
Sheikh Hamdan praises 'remarkable success' of Dubai wedding programme as demand surges
Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, Deputy Prime Minister and Minister of Defence, on Monday hailed the "remarkable success" of a major Emirati family support strategy which has helped hundreds of couples to get married. Sheikh Hamdan said the Sheikha Hind bint Maktoum Family Programme had made a "tangible difference" in the lives of Emiratis as Dubai increases efforts to champion family stability and growth. The Dubai Wedding Programme - launched in January last year under the directives of Sheikha Hind, wife of Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai - has witnessed a 218 per cent surge in demand for its services, year on year. The initiative offers citizens incentives to help reduce wedding costs – including marriage planning services and holding parties in modern halls across the emirate. Family counselling for newlyweds is also provided, along with marriage planning, family management and financial advice for young couples. Sheikh Hamdan said 27 per cent of all marriages in Dubai were registered with the support of the social welfare scheme. The Dubai Crown Prince said the project highlighted Sheikha Hind's commitment to "enhancing community wellbeing" and spoke of its importance to the emirate's wider development goals under the Dubai Social Agenda 33. "The Dubai Social Agenda 33 continues to build on this momentum, grounded in the belief that investing in families is the most powerful investment in the nation's future," Sheikh Hamdan said, in comments shared by Dubai Media Office. In its first year, the Dubai Weddings programme helped to enable 344 weddings, accounting for 28.3 per cent of all Emirati weddings in Dubai by the end of last year. It also contributed to a 10.1 per cent increase in Emirati weddings last year, compared to 2023. Under the Sheikha Hind bint Maktoum Family Programme, a remote work option on Fridays is in place for mothers during the first year after maternity leave and a reduction in monthly premium for housing loans to a minimum of Dh3,333 for beneficiaries of the Dubai Weddings programme, provided their monthly income does not exceed Dh30,000. Promoting the family unit In January last year, the Ruler of Dubai launched a Dh208 billion ($56.63 billion) strategy to double the number of Emirati families in the emirate in a decade. Sheikh Mohammed set out plans to increase housing standards, health care and quality of life for citizens. In June, Sheikh Mohammed issued a decree providing fully paid marriage leave of 10 days for Dubai government employees. It also allows employees to combine marriage leave with any other leave they are entitled to. The decree covers Emirati employees working in government agencies and authorities supervising special development zones and free zones. The UAE's Minister of Family recently told The National that the needs of families needed to be at the centre of government decision-making. She made her declaration as she outlined efforts to introduce a national fertility strategy aimed at addressing declining birth rates. Plans were discussed at the June meeting of the Federal National Council (FNC) during which it was confirmed feasibility studies were under way. The project is being launched against a global backdrop of reduced fertility rates, and the UAE is no different. The FNC session heard that there was an 11 per cent drop in births among Emiratis between 2015 and 2022, while non-Emirati residents had experienced a 5 per cent increase during the same period. There were 30,889 Emiratis born in 2022 and 65,762 expatriates. 'Fertility rates are declining globally, and the UAE is not immune,' said Sana bint Mohammed Suhail, Minister of Family, in a statement sent to The National. 'But where others may see a looming challenge, we see a chance to lead – by placing family back at the centre of policy, in ways that are meaningful, modern, and uniquely preservative of our Emirati identity.' This is now a 'strategic priority' according to Ms Suhail, who added the first phase of a national assessment has been launched. Several government agencies are now involved in the creation of the strategy.
