The Central Bank of the United Arab Emirates (CBUAE) has fined three exchange houses AED 4.1 million for violating anti-money laundering (AML) and counter-terrorism financing (CFT) regulations.
Acting under Article (14) of Federal Decree Law No. (20) of 2018, the CBUAE issued the penalties as part of its efforts to combat money laundering, terrorism financing, and activities involving illegal organisations in the UAE.
Following a formal inspection, the Central Bank identified serious gaps in the AML and CFT frameworks of the exchange houses, which led to the financial sanctions.
“The Central Bank is committed to upholding the integrity and transparency of the UAE financial system,” the CBUAE stated. “All exchange houses, their owners, and staff must fully comply with UAE laws and Central Bank regulations to safeguard the sector.”
The CBUAE continues to strengthen its regulatory oversight, ensuring all licensed financial institutions adhere to international standards for compliance, risk management, and the prevention of financial crime.
