Six firms fined AED 3.2 million for violating anti-money laundering laws

Wednesday, 21 December 2022 16:24

By ARN News Staff

Six companies in the UAE have been fined a total of AED 3.2 million for violating the country's anti-money laundering (AML) laws.

The Ministry of Economy took action against the firms for engaging in suspicious business relationships, failing to monitor and report suspicious transactions; in addition to their non-compliance with the internal policies and controls established to combat crime, as well as their failure to strengthen AML procedures.

A total of 59 fines were imposed on the entities during recent inspections carried out by the ministry.

All six of them operate as non-financial business or professions (DNFBP) sector companies, which include real estate agents and brokers; precious metals and gemstone dealers; auditors; and corporate service providers.

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