The Central Bank of the UAE (CBUAE) has imposed a financial penalty of Dh200 million on an exchange house following regulatory examinations that identified serious deficiencies in its anti-money laundering (AML) and counter-terrorism financing compliance systems.
The action was taken under Article 137 of Federal Decretal Law No. 14 of 2018 concerning the Central Bank and regulation of financial institutions, including subsequent amendments.
The CBUAE also fined the branch manager Dh500,000 and barred the individual from holding any position within licensed financial institutions in the country.
The findings follow supervisory reviews that uncovered breaches of regulatory requirements concerning the exchange house’s AML framework and its failure to comply with obligations related to financing terrorism and illegal organisations.
The Central Bank said it continues to monitor financial institutions to ensure compliance with its standards and the broader legal framework governing financial activity in the UAE.
