CBUAE fines UAE-based exchange house Dh2 million for violating AML rules

Dubai: The Central Bank of the UAE (CBUAE) has imposed a financial sanction of Dh2 million on a UAE-based exchange house.

The penalty was issued following an examination by the central bank that revealed the exchange house failed to comply with anti-money laundering and countering the financing of terrorism (AML/CFT) procedures.

The move comes a week after the CBUAE revoked the licence of another money exchange firm operating in the country, Sundus Exchange, and imposed a financial penalty of Dh10 million following violations of anti-money laundering regulations.

The CBUAE stated that the latest action is part of its supervisory and regulatory mandate to ensure all exchange houses, their owners, and staff comply with UAE laws and regulations.

The revocation highlights the UAE’s ongoing efforts to strengthen financial oversight and ensure that all licensed exchange houses operate within the regulatory framework designed to prevent financial crimes.

The central bank reiterated its commitment to safeguarding the integrity of the financial system and ensuring transparency within the exchange house sector.