UAE Money Exchange : UAE Central Bank has fined a local exchange house Dh600,000 for transporting money in an ordinary civilian vehicle rather than recruiting a licensed cash transport company. This is part of a stricter compliance requirement the UAE regulator has been imposing on financial institutions, including exchange houses, to ensure transparency and integrity ...

Central bank governors, industry leaders and heads of financial and technology institutions from around the world will gather in Dubai next week to discuss the future of finance at a conference organised by the Central Bank of the UAE. The two-day event – Future of Finance – will discuss the Expo 2020 “Connecting Minds and ...

The Central Bank of the UAE (CBUAE) has imposed financial sanctions to the tune of 17.31 million ($4.7 million) on six exchange houses operating in the UAE as part of its efforts to combat money laundering and illicit financial flows. The sanctions imposed last month followed the exchange houses’ failures to comply with AML & Sanctions ...

Tameemi, who was previously the central bank’s vice governor, will be replacing Abdulhamid Saeed Alahmadi. DUBAI – United Arab Emirates President Sheikh Khalifa bin Zayed has appointed Khalid al-Tameemi as governor of the UAE’s central bank. Tameemi, who was appointed central bank vice governor in February, will be replacing Abdulhamid Saeed. Al Tameemi has more ...

The Central Bank of the United Arab Emirates (CBUAE) and the Hong Kong Monetary Authority (HKMA) jointly announce today the exchange of a Memorandum of Understanding (MoU) to enhance collaboration on fintech between the two authorities, with a view to strengthening co-operation between the two jurisdictions in promoting innovative financial services and regulatory development. Under ...

The Central Bank took the poor compliance history of the exchange house into account when issuing the fine. The UAE Central Bank has imposed financial sanctions on an exchange company for violating anti-money laundering (AML) regulations. The regulatory fined the exchange house Dh504,000 for violating anti-money laundering and combating the financing of terrorism and illegal ...

Ministry of Economy extends the grace period for compliance until March 31, 2021. The UAE’s Ministry of Economy reiterated the need for non-financial businesses in the UAE to register on GoAML, an Anti-Money Laundering platform developed by the United Nations. This includes brokers and real estate agents, dealers of precious metals and precious stones, auditors ...

Abu Dhabi: The Central Bank of the UAE (CBUAE) has imposed financial sanctions on 11 Banks operating in the UAE. The action was in accordance with section 14 of the Federal Resolution Act no. (20) of 2018 on combating money laundering and combating the financing of terrorism and the financing of illegal organizations (AML / ...

CBUAE introduces the supervisory agenda of the bank’s Anti-Money Laundering Department   ABU DHABI – The Central Bank of the UAE (CBUAE) held the first Compliance Officers Forum to create a dialogue between the CBUAE and Chief Compliance Officers of all banks to discuss expectations from compliance function and banks’ risk management more generally. The forum, chaired by ...

In its continuous efforts to eliminate risks of financial crimes in the UAE, the National Committee for Combating Money Laundering and the Financing of Terrorism and Illegal Organisations announced in its sixth meeting, the launch of ‘Fawri Tick ’, a smart system developed by the Federal Authority for Nuclear Regulation, FANR. “‘Fawri Tick’ is under ...