Central Bank of UAE imposes Dh4.1 million in financial sanctions on three exchange houses
ABU DHABI (WAM)The Central Bank of the UAE (CBUAE) imposed varying financial sanctions amounting to Dh4.1 million on three exchange houses, 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 (AML/CFT).The financial sanctions have been imposed after assessing the findings of examination conducted by the CBUAE, which revealed that the three exchange houses failed to comply with AML/CFT policies and procedures.
The CBUAE, through its supervisory and regulatory mandates, endeavours to ensure that all exchange houses, their owners, and staff abide by the UAE laws, regulations, and standards in order to maintain the transparency and the integrity of financial transactions while safeguarding the UAE financial system.
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