Exchange house fined nearly AED 2 million for flouting rules

Wednesday, 7 December 2022 19:11

By ARN News Staff

An exchange house operating in the UAE has been fined AED 1.92 million for flouting anti-money laundering regulations.

The Central Bank (CBUAE) took action against the entity after it failed to obtain letters of no objection to enter into certain business relationships.

Investigations also revealed that the firm had a weak compliance framework regarding the required due diligence policies and procedures to prevent money laundering and the 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 regulations and standards to safeguard the transparency and integrity of the UAE's financial system.

More from UAE News

UAE, Belgium hold third round of political consultations in Abu Dhabi

The UAE and Belgium held the third round of political consultations in Abu Dhabi, exploring avenues to further expand non-oil trade, foster private sector partnerships and enhance investment in key sectors like energy and advanced tech.
AED 100 million boost for Mother of Nation Endowment for Orphans

The Mother of the Nation Endowment for Orphans initiative has received a contribution of AED100 million from Erth Zayed Philanthropies following the directives of His Highness Sheikh Mansour bin Zayed Al Nahyan, Vice President and Deputy Prime Minister.
UAE, Bahrain coordinate 100‑tonne Gaza aid shipment

Bahrain's Royal Humanitarian Foundation has dispatched a 100-tonne urgent relief shipment to the Gaza Strip in coordination with the UAE's Operation Chivalrous Knight 3 and the Emirates Red Crescent.
Child’s quad bike ride lands parent in legal trouble

Dubai Police have confiscated a recreational motorbike and taken legal action against a guardian after traffic patrols stopped a child riding on a public street, accompanied by another child.