UAE: Three Exchange Houses Fined Dh4.1 Million for Violations
The Central Bank of the UAE (CBUAE) has imposed a financial penalty of Dh4.1 million on three money exchange houses for failing to comply with anti-money laundering (AML) and counter-terrorism financing (CFT) regulations.
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This fine follows an investigation that revealed deficiencies in the companies’ adherence to required AML/CFT policies and procedures.
The penalty was issued under Article 137 of Decretal Federal Law No. (14) of 2018, which governs the regulation of financial institutions in the UAE.
The CBUAE emphasized its commitment to maintaining the integrity and transparency of the UAE’s financial system, ensuring that all exchange houses, along with their owners and staff, comply fully with national laws and standards.
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Khaleej Times
