Latest news with #exchangehouses
Arabian Business
07-07-2025
- Business
- Arabian Business
UAE Central Bank fines exchange houses $1.12m for anti-money laundering violations
The Central Bank of the UAE has imposed financial penalties totalling AED4.1m ($1.12m) on three exchange houses for failing to comply with anti-money laundering (AML) and counter-terrorism financing (CFT) regulations. The sanctions, issued under Article (14) of Federal Decree Law No. (20) of 2018, follow detailed examinations by the Central Bank, which found significant compliance shortcomings. These included deficiencies in implementing adequate AML/CFT procedures and policies intended to detect and prevent illicit financial activity. CBUAE fines The action is part of the CBUAE's broader mandate to supervise and regulate financial institutions across the United Arab Emirates, ensuring they operate in accordance with local laws and the highest international standards. By holding exchange houses accountable, the Central Bank aims to maintain transparency, financial stability, and compliance with global AML/CFT frameworks.
The National
07-07-2025
- Business
- The National
UAE Central Bank fines exchange houses Dh4.1m for failing to comply with anti-money laundering law
The UAE Central Bank imposed a fine of Dh4.1 million ($1.1 million) on three exchange houses for failing to comply with the law on anti-money laundering and counter-terrorism financing (AML/CFT), as it continues its fight against illegal financial activity. Financial sanctions were imposed after investigations revealed the three exchange houses failed to comply with AML/CFT policies and procedures, the Central Bank said on Monday. It did not disclose the names of the exchange houses. The banking regulator has been cracking down heavily on regulatory non-compliance. Last week, it imposed a fine of Dh5.9 million on a branch of an unnamed foreign bank operating in the UAE for failing to comply with the AML/CFT framework and related regulations. In June, the Central Bank imposed a Dh100 million fine on an exchange house for 'significant failures' in its AML/CFT framework. Also last month, the Central Bank suspended the Islamic window of a bank operating in the country from onboarding new customers for six months and fined it more than Dh3.5 million for non-compliance with Sharia governance rules. An Islamic window is a unit within a conventional bank through which customers are offered banking services and products complying with Sharia principals. The sanctions were imposed after the banking regulator's Sharia supervision examination, the Central Bank said on Wednesday. The name of the lender was not disclosed. In May, the regulator also fined an exchange house Dh200 million for the same offence. A Dh500,000 fine was imposed on a branch manager, who was barred from working in any licensed financial institutions in the UAE. "The UAE Central Bank, 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 ... to maintain transparency and integrity of the financial transactions and safeguard the UAE financial system," the Central Bank said in a statement on Monday. The UAE has introduced a series of initiatives to regulate the country's financial sector and passed strict laws to prevent money laundering and the financing of terrorism. The Central Bank unveiled AML/CFT guidelines in 2023 for licensed financial institutions including banks, finance companies, exchange houses, insurance companies, agents and brokers. The guidelines focus on the use of digital identification systems by licensed financial institutions to address customers' due diligence obligations. Last year, the Emirates announced an action plan to boost its fight against illicit financial activity, introducing the 2024-2027 National Strategy Anti-Money Laundering, Countering the Financing of Terrorism and Proliferation Financing. The strategy has 11 goals outlining the 'legislative and regulatory reforms the UAE is taking to prevent the impact of illegal activities on society'. In August, the government amended its laws against money laundering and the financing of terrorism and crime groups and formed a national committee on such crimes. In 2021, the UAE established the Executive Office of Anti-Money Laundering and Counter-Terrorism Financing, an agency to deal with money launderers, as well as organisations and people suspected of financing terrorists and organised crime.
Zawya
07-07-2025
- Business
- Zawya
CBUAE imposes financial sanctions of $1.1mln on three exchange houses
he Central Bank of the UAE (CBUAE) imposed varying financial sanctions amounting to AED4,100,000 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 amendments. The financial sanction has 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 established by the CBUAE to maintain transparency and integrity of the financial transactions and safeguard the UAE financial system.
Zawya
07-07-2025
- Business
- Zawya
CBUAE imposes financial sanctions of AED 4.1mln on three Exchange Houses
Abu Dhabi: The Central Bank of the UAE (CBUAE) imposed varying financial sanctions amounting to 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 amendments. The financial sanction has 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, 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.
Arabian Business
10-06-2025
- Business
- Arabian Business
UAE central bank fines 6 exchange houses $3.3m
The Central Bank of the UAE imposed financial sanctions on six exchange houses, amounting to AED12.3m ($3.3m). The sanctions were 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. The financial sanctions were imposed based on the findings of examinations conducted by the Central Bank, which revealed the violations and failures of the six exchange houses to comply with the AML/CFT framework, and related regulations. CBUAE financial sanctions The Central Bank, through its supervisory and regulatory mandates, endeavours to ensure that all exchange houses, their owners, and staff abide by national laws, regulations and standards established by the CBUAE to maintain transparency and integrity of the financial transactions and safeguard the country's financial system.
