The UAE Central Bank in Abu Dhabi
The UAE Central Bank in Abu Dhabi. Image Credit: Gulf News Archives

Abu Dhabi: The Central Bank of the UAE has slapped a fine of Dh1.9 million on an exchange company in the country, the central monetary authority announced in a tweet on Wednesday.

The financial penalty was imposed after an inspection conducted by the Central Bank revealed that the exchange company did not obtain the letters of no-objection from the Central Bank that were required to enter into certain commercial relations.

The investigation also showed the weakness of the company's compliance framework with regard to the due diligence policies and procedures required to prevent money laundering and terrorist financing.