The UAE Central Bank has informed all the banks, exchange houses and finance companies in the country that the new Emirates ID card can serve as an alternative to a residency sticker. Starting April 11, the UAE residents’ Emirates ID would count as their residency because the ID now contains all the relevant residency-related information, ...

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 ...

The UAE Central Bank has fined six hawala operators Dh350,000 in violation of the country’s Anti Money Laundering and Combatting the Financing of Terrorism and Financing of Illegal Organisations (AML/CFT) laws. A statement issued on Wednesday said hawala providers were penalised for not registering on the regulator’s GoAML reporting system on time. “The Central Bank ...

The Central Bank of the UAE has fined Dh19.5 million to a bank operating in the country for failing to comply with the anti-money laundering and combating the financing of terrorism and illegal organisations (AML/CFT) regulations. The regulator said it also took administrative measures against the bank for not adhering to the country’s banking norms. ...

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 ...

New rules are for financial institutions providing services to cash-intensive businesses. Abu Dhabi: The Central Bank of the UAE (CBUAE) has issued a new guidance on anti-money laundering and combatting the financing of terrorism (AML/CFT) for its licensed financial institutions (LFIs) which provide services to cash-intensive businesses (CIBs). The guidance, which came into effect on ...

The Central Bank of the UAE (CBUAE) announced  on Monday that effective 11th January, 2021, a new securities issuance programme to licensed financial institutions and eligible investors, named Monetary Bills (M-bills) will be introduced. These securities will be auctioned and traded through Bloomberg’s primary and secondary market solutions and settled through a local platform, compliant ...