The Central Bank of the UAE (CBUAE) has issued a financial penalty of AED 100 million against an exchange house, in line with Article (137) of Decretal Federal Law No. (14) of 2018 concerning the Central Bank and Regulation of Financial Institutions and Activities, including its later amendments.
The sanction was imposed following examinations by the CBUAE, which identified serious shortcomings in the exchange house’s compliance with Anti-Money Laundering and Counter-Terrorism Financing regulations, as well as related requirements.
Acting within its supervisory and regulatory responsibilities, the CBUAE strives to ensure that all exchange houses, along with their proprietors and employees, comply with UAE laws, regulatory standards, and the guidelines set by the Central Bank to uphold the transparency and integrity of financial transactions and protect the country’s financial system.
