emirates7 - The Central Bank of the UAE (CBUAE) has imposed a financial penalty of AED 2,000,000 on a UAE-based exchange house, in accordance with Article 137 of Decretal Federal Law No. 14 of 2018 concerning the Central Bank and the Regulation of Financial Institutions and Activities, along with its amendments.
This sanction was issued following the results of an inspection carried out by the CBUAE, which found that the exchange house did not comply with Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) policies and procedures.
Through its supervisory and regulatory roles, the CBUAE is committed to ensuring that all exchange houses, their owners, and employees adhere to UAE laws, regulations, and the standards set by the CBUAE to maintain the transparency and integrity of the exchange house sector and the UAE’s financial system.
This sanction was issued following the results of an inspection carried out by the CBUAE, which found that the exchange house did not comply with Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) policies and procedures.
Through its supervisory and regulatory roles, the CBUAE is committed to ensuring that all exchange houses, their owners, and employees adhere to UAE laws, regulations, and the standards set by the CBUAE to maintain the transparency and integrity of the exchange house sector and the UAE’s financial system.