UAE Central Bank fines exchange house Dh3.5 million for violations

The unnamed exchange house was fined for violating money laundering rules

Last updated: June 02, 2025 | 12:23

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The financial sanction is based on the results of the findings of examinations conducted by the CBUAE, which revealed significant failures.

WAM

Dubai: The Central Bank of the UAE (CBUAE) has imposed a financial sanction of Dh3.5 million on an unnamed exchange house for failing to comply with anti-money laundering and counter-terrorism financing (AML/CFT) regulations.

The penalty, announced on Monday, follows an examination conducted by the CBUAE that revealed significant shortcomings in the exchange house's adherence to established AML/CFT policies and procedures.

The CBUAE cited Article 14 of the Federal Decree Law No. (20) of 2018 concerning anti-money laundering, combating the financing of terrorism and illegal organisations, and its amendments, as the basis for the financial sanction.

Also Read: UAE Central Bank fines exchange house Dh100 million for AML failures

In a statement, the UAE's central bank said, "The CBUAE, through its supervisory and regulatory mandates, endeavors 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 financial transactions and safeguard the UAE financial system."

Last week, CBUAE imposed a financial sanction of Dh100 million on an another exchange house following failures in anti-money laundering controls.

The CBUAE has been regularly conducting examinations and assessments of financial institutions operating within the UAE. This is to ensure compliance with regulatory requirements and to uphold the stability and security of the nation's financial infrastructure.

Dhanusha GokulanChief Reporter

Dhanusha is a Chief Reporter at Gulf News in Dubai, with her finger firmly on the pulse of UAE, regional, and global aviation. She dives deep into how airlines and airports operate, expand, and embrace the latest tech. Known for her sharp eye for detail, Dhanusha makes complex topics like new aircraft, evolving travel trends, and aviation regulations easy to grasp. Lately, she's especially fascinated by the world of eVTOLs and flying cars. With nearly two decades in journalism, Dhanusha's covered a wide range, from health and education to the pandemic, local transport, and technology. When she's not tracking what's happening in the skies, she enjoys exploring social media trends, tech innovations, and anything that sparks reader curiosity. Outside of work, you'll find her immersed in electronic dance music, pop culture, movies, and video games.