UAE fines exchange house AED 4.8 million for violating laws

Thursday, 10 August 2023 10:41

By ARN News Staff

The Central Bank of the UAE (CBUAE) has imposed a fine of AED 4.8 million on an exchange house operating in the country for "a weak compliance framework".

The UAE Central Bank said in a statement the sanction against the unnamed exchange was decided in an appeal procedure.

This included risk analysis and enhanced due diligence policies and procedures to prevent money laundering and financing of terrorism.

The CBUAE said it "works to ensure that all exchange houses abide by the UAE laws, regulations and standards".

The #CentralBankUAE imposed a financial sanction on an exchange house operating in the UAE, pursuant to Article 14 of the Federal Decree Law No. (20) of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Financing of Illegal Organisations, and Article 137…
— Central Bank of the UAE (@centralbankuae) August 10, 2023

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