CBUAE imposes a financial sanction of AED 200mln on an exchange house
The financial sanction is based on the results of the findings of examinations conducted by the CBUAE, which revealed Significant failures in the Exchange House's Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organizations framework, and related regulations.
Furthermore, a financial sanction of 500,000 was imposed on a branch manager, who has also been prohibited from holding any position within any licensed financial institutions in the UAE.
The CBUAE, through its supervisory and regulatory mandates, endeavors 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.
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