Exchange house fined AED 5.2 million for flouting rules

Wednesday, 27 July 2022 12:13

By ARN News Staff

The Central Bank of the UAE (CBUAE) has imposed a fine of AED 5.2 million on an exchange house for flouting anti-money laundering regulations.

Following inspections, the authority found that the exchange house had a "weak compliance framework regarding the required due diligence policies and procedures to prevent money laundering and financing of terrorism".

The CBUAE, through its supervisory and regulatory mandates, works to ensure that all exchange houses, their owners and staff abide by the UAE laws adopted to safeguard the transparency and integrity of the UAE financial system.

More from UAE News

UAE, Arab states condemn US ambassador remarks on Israel

The UAE has joined other Arab countries and major regional organisations in issuing a joint statement strongly condemning remarks by the US ambassador to Israel, suggesting it would be acceptable for Israel to exercise control over occupied Arab territories, including the West Bank.
UAE aid convoys arrive in Gaza as part of ‘Operation Chivalrous Knight 3’

The UAE has continued dispatching humanitarian aid convoys to the Gaza Strip under Operation Chivalrous Knight 3, as part of its ongoing relief efforts to support the Palestinian people and alleviate their suffering amid challenging humanitarian conditions.
Emirates, Etihad cancel New York flights as snowstorm hits eastern US

Emirates Airline and Etihad Airways have cancelled and rescheduled several flights to and from New York and Newark and other US destinations, due to a severe snowstorm expected to impact the area.
Dubai Police block 232 drug websites, aid global arrests in drugs crackdown

Dubai Police say they blocked 232 websites promoting drugs and helped secure 24 arrests worldwide during the final quarter of 2025, highlighting an intensified campaign against narcotics and international trafficking networks.