The penalty was imposed pursuant to Article 14 of the Federal Decree Law No. (20) of 2018 on Anti-Money Laundering and Combatting the Financing of Terrorism. The Central Bank of the UAE (CBUAE) imposed a financial sanction of AED 352,000 ($95,854) on an exchange house operating in the country, due to it failures to achieve appropriate ...

The introduction of these regulations represents the second step towards implementation of the new Dirham Monetary Framework announced earlier this year. ABU DHABI – The Central Bank of the UAE, CBUAE, announced today that, effective 28 October 2020, it will introduce new regulations regarding reserve requirements for deposit-taking licensed financial institutions. The introduction of these regulations ...