The Central Bank of the UAE (CBUAE) has imposed a financial penalty of Dh3.5 million on an exchange house operating within the country.
The penalty was issued after a CBUAE examination revealed non-compliance with the required anti-money laundering and counter-terrorism financing policies and procedures.
This action follows an assessment under Article 14 of the Federal Decree Law No. (20) of 2018, which addresses Anti-money Laundering and Combating the Financing of Terrorism and Illegal Organisations, along with its amendments.
Through its regulatory oversight, the CBUAE aims to ensure all exchange houses, including their owners and staff, adhere to UAE laws, regulations, and standards to maintain the transparency and integrity of the exchange house industry and the broader financial system.
