UAE Central Bank imposes Dh4.8 million fine on exchange house

Central Bank has been getting tough on strict compliance with AML laws

Last updated: August 10, 2023 | 09:57

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The CBUAE works to ensure that all exchange houses, their owners and staff abide by the UAE laws, regulations and standards.

WAM

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.

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The financial penalty, resulting from an appeal procedure, was initiated following the outcomes of an examination undertaken by the CBUAE.

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UAE Central Bank imposes Dh4.8 million fine on exchange house

Also Read: UAE Central Bank cancels registrations of two insurance brokers

Also Read: UAE banking sector is well-capitalised with adequate liquidity buffers: CBUAE report

Also Read: UAE Central bank dissolves insurance company’s board of directors

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