UAE Money Exchange House fined Dh 600,000 for transporting cash in civilian car
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 of exchange companies’ activities and to enhance the efficiency of the financial system in the country.
The exchange company used a civilian car to transport money instead of a licensed money transport company, in violation of the provisions of Federal law No.14 of 2018 regarding the Central Bank and Organisation of Financial Institutions and Activities, thereby putting the lives of employees working in the company at risk.
The Central Bank slapped the fine on the exchange company for violating security obligations related to money exchange activities and transfer of funds within and outside the country, as well as for failing to inform the Central Bank of any substantial developments.
The exchange house challenged the penalty but its appeal was turned down by the Central Bank.
