The Central Bank of the UAE (CBUAE) has taken action against three exchange houses, imposing fines amounting to Dh 4.1 million ($1.12 million).
These establishments were found lacking in complying with anti-money laundering (AML) and counter-terrorism financing (CFT) rules, according to a report from the CBUAE. The exchange houses reportedly failed to comply with AML/CFT policies and procedures.
In particular, the CBUAE cited 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 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.
