Dubai: The Central Bank of the UAE (CBUAE) imposed a financial sanction of Dh4.8 million on an exchange house for weak compliance framework regarding the required risk analysis and (enhanced) due diligence policies. These measures are in place to prevent money laundering and the financing of terrorism, according to an announcement made on Thursday.
The financial penalty, resulting from an appeal procedure, was initiated following the outcomes of an examination undertaken by the CBUAE.
