CBUAE imposes financial sanction of Dhs2 million on exchange house

The Central Bank of the UAE (CBUAE) imposed a financial sanction of amount Dhs2,000,000 on an exchange house operating in the UAE, pursuant to Article 137 of the Decretal Federal Law No. 14 of 2018 regarding the Central Bank and Organisation of Financial Institutions and Activities, and its amendments.

The financial sanction has been imposed after assessing the findings of an examination conducted by the CBUAE, which revealed that the exchange house failed to comply with AML/CFT policies and procedures.

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 industry and the UAE financial system.

WAM