The Central Bank of the UAE (CBUAE) has imposed financial penalties totaling AED 4.1 million on three exchange houses for violations related to anti-money laundering and countering the financing of terrorism (AML/CFT) obligations.
The sanctions were issued under Article 14 of Federal Decree Law No. (20) of 2018, which governs anti-money laundering and combating the financing of terrorism and the financing of illegal organisations in the UAE. According to the central bank, the decision follows an examination process that revealed lapses in the implementation of AML/CFT policies and procedures by the entities concerned.
While the CBUAE did not name the exchange houses penalised, it emphasised that the sanctions reflect its continued efforts to enforce compliance with UAE laws and regulations governing the financial sector.
Through its supervisory role, the CBUAE reiterated its commitment to maintaining the integrity and transparency of financial transactions nationwide. The regulator said it remains focused on ensuring that exchange houses, along with their owners and staff, strictly adhere to the standards set by the central bank to safeguard the national financial system.
–Input WAM
