Latest news with #exchange house
Arabian Business
2 days ago
- Business
- Arabian Business
UAE central bank imposes $217,835 fine on exchange house
The Central Bank of the UAE (CBUAE) has fined a UAE exchange house AED 800,000 (US$217,835) for failing to abide by its money laundering and combating the financing of terrorism (ML/CFT) policies and procedures. The financial sanction was assessed as per Article (137) of the Decretal Federal Law No. (14) of 2018 regarding the Central Bank and Organisation of Financial Institutions and Activities, and its amendments. It was imposed after an examination conducted by the CBUAE assessed its findings. The CBUAE, through its supervisory and regulatory mandates, aims to ensure that all exchange houses, their owners, and staff comply with the UAE laws, regulations and standards, which have been established to maintain transparency and integrity of the industry and safeguard the UAE financial ecosystem.
Zawya
3 days ago
- Business
- Zawya
CBUAE imposes a financial sanction on an exchange house
Abu Dhabi: The Central Bank of the UAE (CBUAE) imposed a financial sanction of amount 800,000 on an exchange house operating in the UAE, pursuant to Article (137) of the Decretal Federal Law No. (14) of 2018 regarding the Central Bank and Organisation of Financial Institutions and Activities, and its amendments. The financial sanction has been imposed after assessing the findings of an examination conducted by the CBUAE, which revealed that the exchange house failed to abide by ML/CFT policies and procedures. 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.
