Abu Dhabi: An exchange house operating in the UAE has been fined Dh5.2 million for not fully complying with the country’s laws on anti-money laundering and terror financing.
An examination by the UAE Central Bank found that the exchange house had a weak compliance framework regarding the required due diligence policies and procedures to prevent money laundering and financing of terrorism. Subsequently, it was fined Dh5,220,858.
The fine was imposed in accordance with Article 14 of the Federal Decree Law No. 20 of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Financing of Illegal Organisations, and Article 137 of the Decretal Federal Law No.14 of 2018 regarding the Central Bank & Organisation of Financial Institutions and Activities.