UAE Central Bank imposes Dh600,000 penalty on individual linked to exchange house

Abu Dhabi: The  Central Bank of the UAE imposed sanctions on a non-authorised individual related to an exchange house operating in the UAE.

This is under the law on Anti-Money Laundering and Combating the Financing of Terrorism and Financing of Illegal Organisations, as well as the federal law on Central Bank & Organisation of Financial Institutions and Activities.

It imposed a financial sanction of Dh600,000 on an individual and prohibited him from undertaking any future functions related to licensed financial institutions in the UAE. The individual had no authorisation to undertake a function that required prior approval from the Central Bank as per Article 137 of the Decretal Federal law No (14) of 2018, the CBUAE said in a statement.

As the supervisory authority of exchange houses in the UAE, the CBUAE is actively overseeing all such businesses, their owners, and staff to abide by local laws to safeguard the transparency of the sector.