UAE Central Bank imposes $2.9m fine on exchange house
ABU DHABI, 28 days ago
The Central Bank of the UAE (CBUAE) has imposed a financial sanction of AED10.7 million ($2,91 million) on an exchange house, pursuant to 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, a report said.
The financial sanction has been imposed after assessing the findings of an examination conducted by the CBUAE, which revealed that the exchange house failed to comply with the AML/CFT policies and procedures and Sanctions obligation, said a WAM news agency report.
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 exchange houses industry and safeguard the UAE financial ecosystem.
