The Central Bank of the UAE (CBUAE) has imposed a financial penalty of Dh100 million on an exchange house for significant failures in its anti-money laundering and counter-terrorism financing frameworks. The sanction, issued under Article 137 of Decretal Federal Law No. 14 of 2018, follows examinations revealing non-compliance with regulatory requirements.
This action is part of the CBUAE’s ongoing efforts to enforce compliance within the financial sector. Recently, the central bank fined another exchange house AED 200 million for similar violations and imposed a Dh500,000 penalty on a branch manager, who was also banned from holding positions in any licensed financial institution in the UAE.
