The Central Bank of the UAE (CBUAE) has imposed a fine of Dh800,000 on an exchange house operating in the country for failing to comply with anti-money laundering and counter-terrorism financing (AML/CFT) requirements.
The penalty was issued under Article 137 of Decretal Federal Law No. (14) of 2018 concerning the Central Bank and Regulation of Financial Institutions and Activities. The CBUAE said the action followed an examination that revealed the entity had not implemented adequate AML/CFT policies and procedures.
The regulator did not name the exchange house or specify the time frame of the violations. The CBUAE has stepped up enforcement actions in recent months as part of its mandate to strengthen financial sector oversight and align with international AML standards.
The UAE has been under increased global scrutiny since being added to the Financial Action Task Force’s (FATF) grey list in 2022. Authorities have since introduced a series of reforms, including tighter supervisory controls on banks, exchange houses and designated non-financial businesses.
The CBUAE said it would continue to ensure that licensed financial institutions, their shareholders and employees comply with all regulatory obligations to protect the integrity of the UAE financial system.
