The Central Bank of the United Arab Emirates has imposed a fine of AED 3.5 million on an undisclosed exchange house for breaching the country’s anti-money laundering and counter-terrorism financing (AML/CFT) regulations. The penalty is part of the authority’s broader efforts to reinforce compliance and deter financial crime.
In a statement issued on Monday, the Central Bank revealed that the penalty followed an inspection that identified regulatory violations. This enforcement action reflects the bank’s continued focus on strengthening oversight across the financial services sector.
Last week, the Central Bank fined another exchange house AED 100 million for what it termed “major deficiencies” in its AML/CFT framework. In a separate case, a different exchange house was fined AED 200 million, while a branch manager received a AED 500,000 fine and was banned from working at any licensed financial institution in the UAE.
Moreover, two branches of overseas banks were collectively penalised AED 18.1 million for breaches of anti-money laundering laws.
The Central Bank reaffirmed its commitment to ensuring that exchange houses, their owners, and employees comply fully with UAE regulations, in order to protect the transparency and integrity of financial operations and uphold the nation’s financial security.
