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Latest news with #financial sanction

UAE central bank imposes $217,835 fine on exchange house
UAE central bank imposes $217,835 fine on exchange house

Arabian Business

time2 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.

CBUAE imposes a financial sanction on an exchange house
CBUAE imposes a financial sanction on an exchange house

Zawya

time3 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.

UAE central bank fines foreign bank branch $164,000 for regulatory violations
UAE central bank fines foreign bank branch $164,000 for regulatory violations

Arabian Business

time17-07-2025

  • Business
  • Arabian Business

UAE central bank fines foreign bank branch $164,000 for regulatory violations

The Central Bank of the UAE (CBUAE) has imposed a financial sanction of AED 600,000 on a branch of a foreign bank operating in the UAE for failing to comply with regulatory requirements. The penalty was issued 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 stems from findings during examinations conducted by the CBUAE, which revealed that the foreign bank branch had failed to comply with the Market Conduct and Consumer Protection Regulations and Standards. The CBUAE stated that through its supervisory and regulatory mandates, it 'works to ensure that all banks and their staff, abide by the UAE laws, regulations and standards adopted by the CBUAE to safeguard the transparency and integrity of the banking sector and the UAE financial system.' The central bank did not identify the specific foreign bank branch that received the penalty. The enforcement action demonstrates the CBUAE's commitment to maintaining regulatory compliance across all banking institutions operating within the UAE's financial system.

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