Latest news with #FederalDecreeLawNo.(20
Dubai Eye
07-07-2025
- Business
- Dubai Eye
Three exchange houses fined over AED 4 million for compliance failures
The Central Bank of the UAE (CBUAE) has fined three exchange houses a total of AED 4.1 million for failing to comply with anti-money laundering and counter-terrorism financing regulations. The penalties follow an investigation that revealed serious lapses in their procedures. The Central Bank says it remains committed to enforcing UAE laws and ensuring that all financial institutions operate with transparency and integrity. The #CentralBankUAE imposed varying financial sanctions amounting to AED 4,100,000 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… — Central Bank of the UAE (@centralbankuae) July 7, 2025
ARN News Center
07-07-2025
- Business
- ARN News Center
Three exchange houses fined over AED 4 million for compliance failures
The Central Bank of the UAE (CBUAE) has fined three exchange houses a total of AED 4.1 million for failing to comply with anti-money laundering and counter-terrorism financing regulations. The penalties follow an investigation that revealed serious lapses in their procedures. The Central Bank says it remains committed to enforcing UAE laws and ensuring that all financial institutions operate with transparency and integrity. The #CentralBankUAE imposed varying financial sanctions amounting to AED 4,100,000 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… — Central Bank of the UAE (@centralbankuae) July 7, 2025
TAG 91.1
07-07-2025
- Business
- TAG 91.1
Three exchange houses fined over AED 4 million for compliance failures
The Central Bank of the UAE (CBUAE) has fined three exchange houses a total of AED 4.1 million for failing to comply with anti-money laundering and counter-terrorism financing regulations. The penalties follow an investigation that revealed serious lapses in their procedures. The Central Bank says it remains committed to enforcing UAE laws and ensuring that all financial institutions operate with transparency and integrity. The #CentralBankUAE imposed varying financial sanctions amounting to AED 4,100,000 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… — Central Bank of the UAE (@centralbankuae) July 7, 2025
Sharjah 24
17-06-2025
- Business
- Sharjah 24
CBUAE revokes licence of Sundus Exchange
Financial sanction imposed A financial penalty of AED 10 million has also been imposed on the exchange, in accordance with Article (14) of Federal Decree Law No. (20) of 2018 concerning Anti-Money Laundering (AML) and Combating the Financing of Terrorism and Illegal Organisations, including relevant amendments. Violations and examination findings The decision followed examinations by the CBUAE, which uncovered failures and violations of the AML framework and related regulations. These findings prompted the revocation and financial penalty. CBUAE reaffirms commitment to compliance The CBUAE emphasized its ongoing efforts to enforce compliance among exchange houses, their owners, and staff, ensuring adherence to UAE laws and regulatory standards. These measures aim to maintain the transparency and integrity of financial transactions and protect the UAE's financial system from illicit activities.
Khaleej Times
21-04-2025
- Business
- Khaleej Times
UAE sanctions bank for failing to comply with anti-money laundering policies
The Central Bank of the UAE (CBUAE) has imposed a financial sanction on a bank operating in the country for failing to comply with policies and procedures related to anti-money laundering and combating the financing of terrorism and illegal organisations. The financial penalty has been imposed after assessing the findings of an examination conducted by the CBUAE. The penalty comes 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, and its amendments. Through its supervisory and regulatory mandates, the CBUAE works to ensure that all banks and their staff, abide by UAE laws, regulations and standards adopted by the CBUAE to safeguard the transparency and integrity of the banking sector and the UAE financial system.
