190312 uae central bank
UAE Central Bank located on the Baynoonah street in Abu Dhabi. Image Credit: Gulf News archives

Abu Dhabi: The Central Bank of the UAE (CBUAE) imposed a financial sanction 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 & Organisation of Financial Institutions and Activities.

An amount of Dh1,050,000 was imposed on the exchange house for violating its obligation to conduct exchange activities in the licensed premises only, to use an approved Cash-in-Transit Agent when transporting cash, and for violating its obligation to immediately report violations to the CBUAE.

The CBUAE, through its supervisory and regulatory mandates, works to ensure that all exchange houses, their owners and staff abide by the UAE laws, regulations and standards adopted by the CBUAE to safeguard the transparency and integrity of the exchange houses’ business and the UAE financial system.