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The findings showed that they had a weak compliance framework and failed to comply with their regulatory obligations and to report regulatory breaches to the CBUAE.
The exchange house used a civilian vehicle to transport the money instead of using Cash-in-Transit Agent. By doing so, it violated the CBUAE regulations and knowingly put the lives of its employees at risk.
The Dubai Court of Misdemeanor sentenced an Arab to one month in jail and fined him Dhs10,000 for defrauding a GCC citizen in a deal for selling US dollars in exchange for the local currency at less than the exchange rate offered in exchange companies.
CBUAE’s examination findings revealed that the exchange house had a weak compliance framework to prevent money laundering and financing of terrorism.
Al Ansari Financial Services has announced that following the approval from the Securities and Exchange Authority (SCA), Al Ansari Holding (Selling Shareholder)
Al Ansari Financial Services, one of the leading integrated financial services groups in the UAE, is pleased to announce that during the first quarter of 2023,
The cashier took advantage of his job and planed with his partners in the crime to seize the money from the store’s treasury and flee.
The exchange found out that the defendants had used fake credentials and fake currencies to get the mentioned amount, and immediately filed a report against them.
The financial sanction comes as a result of the examination findings conducted by the CBUAE and revealed that the exchange house had a weak compliance framework regarding the required due diligence policies.
Six exchange houses operating in the UAE have been put under financial sanctions by the Central Bank of the UAE (CBUAE) for their failure to achieve appropriate levels of compliance.
