CBUAE imposes financial sanction of Dhs10.7 million on exchange house

 The Central Bank of the UAE (CBUAE) imposed a financial sanction of Dhs10,700,000 on an exchange house, pursuant to Article (14) of the Federal Decree Law No. (20) of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organisations, 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 the AML/CFT policies and procedures and Sanctions obligation.

 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 exchange houses industry and safeguard the UAE financial ecosystem.

WAM