The Central Bank of the UAE imposed a financial sanction of AED200m ($54.5m) on an exchange house, 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 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 AED500,000 ($136,000) was imposed on a branch manager, who has also been prohibited from holding any position within any licensed financial institutions in the UAE.
CBUAE sanction
The Central Bank, 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 to maintain transparency and integrity of the financial transactions and safeguard the country’s financial system.
