UAE central bank imposes $217,835 fine on exchange house
The Central Bank of the UAE (CBUAE) has fined a UAE exchange house AED 800,000 (US$217,835) for failing to abide by its money laundering and combating the financing of terrorism (ML/CFT) policies and procedures.…
The Central Bank of the UAE (CBUAE) has fined a UAE exchange house AED 800,000 (US$217,835) for failing to abide by its money laundering and combating the financing of terrorism (ML/CFT) policies and procedures.
The financial sanction was assessed as per Article (137) of the Decretal Federal Law No. (14) of 2018 regarding the Central Bank and Organisation of Financial Institutions and Activities, and its amendments. It was imposed after an examination conducted by the CBUAE assessed its findings.
The CBUAE, through its supervisory and regulatory mandates, aims to ensure that all exchange houses, their owners, and staff comply with the UAE laws, regulations and standards, which have been established to maintain transparency and integrity of the industry and safeguard the UAE financial ecosystem.
More from Daniel Khoury
Saudi Arabia’s Vision 2030 Enters Its Value-Realisation Phase
Saudi Arabia is moving from rapid scale-building to value realisation. The decisive question is whether state-led investment can…
Indian Travellers Become a Key Test Market for Middle East Tourism Recovery
The UAE, Saudi Arabia and Oman are looking to India’s outbound travel base as conflict and uncertainty weigh…
Saudi’s All-In-One Travel Package Visa Aims to Cut Friction from Tourism Growth
Combining flights, hotels and e-visa services into one transaction could help Riyadh turn interest in Saudi tourism into…