UAE: Dh100 million fine imposed on exchange house
The financial sanction was imposed after "significant failures" were found in the examinations conducted by the authority. The failures were in relation to the the Exchange House's Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organisations framework, and related regulations.
This was pursuant to Article (137) of the Decretal Federal Law No. (14) of 2018 Regarding the Central Bank and Organisation of Financial Institutions and Activities.
The CBUAE, through its supervisory and regulatory mandates, aims to ensure that all exchange houses, their owners, and staff abide by the UAE laws, regulations and standards.
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