CBUAE imposes financial sanction of Dhs200 million on exchange house

The Central Bank of the UAE (CBUAE) imposed a financial sanction of amount Dhs200 million on an exchange house, pursuant to Article )137( of the Decretal Federal Law No. (14) of 2018 Regarding the Central Bank and Organization of Financial Institutions and Activities, and amendments thereto.

The financial sanction is based on the results of the findings of examinations conducted by the CBUAE, which revealed Significant failures in the Exchange House’s Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organizations framework, and related regulations.

Furthermore, a financial sanction of Dhs500,000 was imposed on a branch manager, who has also been prohibited from holding any position within any licensed financial institutions in the UAE.

The CBUAE, through its supervisory and regulatory mandates, endeavours to ensure that all exchange houses, their owners, and staff abide by the UAE laws, regulations and standards established by the CBUAE to maintain transparency and integrity of the financial transactions and safeguard the UAE financial system.