The Central Bank of the UAE has imposed a financial penalty of AED200 million (USD54.5 million) on an exchange house, in line with Article 137 of Decretal Federal Law No. 14 of 2018 concerning the Central Bank and the Regulation of Financial Institutions and Activities, along with its amendments.
This sanction stems from examination findings conducted by the Central Bank, which revealed serious deficiencies in the exchange house’s framework for Anti-Money Laundering and Countering the Financing of Terrorism and Unlawful Organisations, as well as non-compliance with relevant regulations.
Additionally, a fine of AED500,000 (USD136,000) was imposed on a branch manager, who has also been disqualified from holding any position at licensed financial institutions within the UAE.
Through its supervisory and regulatory functions, the Central Bank seeks to ensure that all exchange houses, along with their owners and staff, comply with the UAE’s laws, regulations and standards designed to uphold transparency and integrity in financial transactions and protect the nation’s financial system.
