The Central Bank of the UAE (CBUAE) has imposed a financial sanction of AED 10,700,000 on an exchange house in accordance with Article (14) of Federal Decree Law No. (20) of 2018 concerning Anti-Money Laundering, Combating the Financing of Terrorism, and Illegal Organisations, along with its subsequent amendments.
This sanction follows an assessment of the findings from a CBUAE examination, which identified the exchange house’s non-compliance with AML/CFT policies, procedures, and sanctions obligations.
Through its supervisory and regulatory role, the CBUAE is committed to ensuring that all exchange houses, their owners, and employees adhere strictly to UAE laws, regulations, and CBUAE standards. This commitment supports transparency, integrity within the exchange house sector, and the protection of the UAE’s financial ecosystem.
