Picture used for illustrative purpose only.
The financial sanction, after it was decided in an appeal procedure, is the result of the findings of an examination conducted by the CBUAE, revealing that the exchange had a weak compliance framework regarding the required risk analysis- and (enhanced) due diligence policies and procedures to prevent money laundering and the financing of terrorism.
Accordingly, the CBUAE has imposed a fine of Dhs4,800,000 (Dhs4.8 million) on the exchange house.
The CBUAE, through its supervisory and regulatory mandates, works to ensure that all exchange houses, their owners and staff abide by the UAE laws, regulations and standards adopted by the CBUAE to safeguard the transparency and integrity of the exchange houses’ business and the UAE financial system.
WAM