UAE: Exchange house fined Dh800,000 for violating anti-money laundering laws
The penalty was issued in accordance with Article (137) of Decretal Federal Law No. (14) of 2018 concerning the Central Bank and the Organisation of Financial Institutions and Activities, along with its subsequent amendments.
The inancial sanction follows an examination conducted by the CBUAE, which uncovered that the exchange house had failed to comply with anti-money laundering and combating the financing of terrorism (AML/CFT) policies and procedures. These regulatory shortcomings were deemed serious enough to warrant financial penalty.
The CBUAE, through its supervisory and regulatory mandates, endeavours to ensure that all exchange houses, their owners, and staff comply the UAE laws, regulations and standards established by the CBUAE to maintain transparency and integrity of the exchange houses industry and safeguard the UAE financial ecosystem
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