UAE fines 6 exchange houses Dh12.3 million over anti-money laundering violations

Dubai: The Central Bank of the UAE (CBUAE) has imposed financial penalties totaling Dh12.3 million on six exchange houses in the country for breaching anti-money laundering (AML) regulations.

These sanctions were issued under Article (14) of the Federal Decree Law No. (20) of 2018, which governs anti-money laundering and combating the financing of terrorism and illegal organisations.

The fines followed inspections carried out by the Central Bank, which uncovered multiple violations and failures by the exchange houses to comply with the country’s AML and counter-terrorism financing (CFT) framework.

The CBUAE said it is committed to ensuring that all licensed exchange houses, their owners, and employees operate in full adherence to UAE laws and regulatory standards. The objective is to protect the transparency and integrity of financial transactions and uphold the resilience of the UAE’s financial system.