UAE: Dh100 million fine imposed on exchange house

As stated on Thursday, the Central Bank of UAE has fined an exchange house Dh 100 million. 

The financial violation came after the authority’s examinations revealed “grave shortcomings.” These failures pertained to the Exchange House’s Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organizations policies and associated regulations.

This was in alignment with Article (137) of the Decretal Federal Law No. (14) of 2018 Regarding the Central Bank and Organisation of Financial Institutions and Activities. 

By these supervisory and regulatory powers, the CBUAE seeks to guarantee that these exchange houses, their proprietors, and personnel comply with the legislations, rules, and standards of the UAE.

Stay up to date with Just Dubai ‘s news and see why this UAE exchange house received a staggering Dh 100 million fine.