UAE Central Bank fines exchange house Dh800,000 for AML violations

Abu Dhabi: The Central Bank of the UAE (CBUAE) imposed a financial sanction of amount  Dh800,000 on an exchange house operating in the UAE, pursuant to Article (137) of the Decretal Federal Law No. (14) of 2018 regarding the Central Bank and Organisation of Financial Institutions and Activities, and its amendments. 

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 abide by anti-money laundering (AML) and counter-terrorism financing (CFT) regulations.

The Central Bank, through its supervisory and regulatory mandates, endeavours to ensure that all exchange houses, their owners, and staff comply 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.