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 probe reveals flydubai co-pilot attempted terrorist act

UAE Attorney-General Dr. Hamad Saif Al Shamsi said investigations into the incident aboard flydubai flight FZ1073 revealed that the co-pilot attempted to carry out a terrorist act.
H.H. Sheikh Hamdan praises flydubai pilot for 'courage and responsibility'

His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, has praised flydubai pilot Capt. Smit Machchhar after his actions helped avert more serious consequences aboard flight FZ1073.
Dubai's RTA warns of traffic delays during cycling race

Dubai's Roads and Transport Authority (RTA) has advised motorists to expect traffic delays on several roads on Sunday, October 4, during the 'Proud of the UAE' cycling race.
flydubai CEO thanks crew, passengers as FZ1073 investigation proceeds

Flydubai says its focus remains on supporting affected passengers and crew while authorities investigate the safety incident involving flight FZ1073.