UAE: Exchange house fined Dh504,000 for violating rules
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 organisations.
“The exchange house has a weak anti-money laundering and combating financing of terrorism (AML/CFT) compliance framework. The Central Bank took the poor compliance history of the exchange house into account, and imposed a financial sanction of Dh504,000,” it said in a statement on Wednesday.
On January 31, the Central Bank imposed over Dh45.75 million fines to 11 banks for their failures to achieve appropriate levels of compliance regarding their AML and Sanctions Compliance Frameworks as at the end of 2019.
As the supervisory authority of exchange houses operating in the UAE, the Central Bank said it is committed to ensuring all exchange houses abide by UAE laws and standards to safeguard the transparency and integrity of transactions.
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