The Central Bank of the UAE (CBUAE) has fined six exchange houses a total of AED 12.3 million ($3.3 million) for breaching regulations related to anti-money laundering.
These penalties were issued under Article (14) of Federal Decree Law No. (20) of 2018, which addresses AML, CFT, and illegal organizations. The law also includes several amendments aimed at strengthening regulatory enforcement.
Violations Found During Regulatory Inspections
The fines followed inspections that uncovered serious compliance failures. According to the CBUAE, the exchange houses did not meet the required standards under the country’s AML and CFT framework. These lapses included weak risk controls, poor transaction monitoring, and inadequate reporting systems.
As a result, the Central Bank took swift action to enforce financial accountability.
Commitment to Financial Transparency
The CBUAE stated that it will continue working to ensure transparency in all financial activities.
“The Central Bank, through its supervisory and regulatory mandates, ensures that all exchange houses, their owners, and employees comply with national laws and standards,” the bank said.
“Maintaining integrity in financial transactions is key to protecting the UAE’s financial system.”
These measures reflect the UAE’s broader goal of aligning with international best practices and preventing misuse of its financial networks.
