The Central Bank of the UAE has fined an exchange house Dh352,000 for failing to meet compliance requirements related to anti-money laundering regulations in the country.
The authority noted it has allowed all exchange companies operating in the country a sufficient period of time to address any deficiencies and verify compliance in accordance with the provisions of Federal Decree-Law No. 20 of 2018 and its executive regulations.
It has also informed such firms of penalties stipulated in the law in the event of any violations or deficiencies.
The Central Bank works continuously with all financial institutions in the country to maintain high levels of compliance to counter money laundering and combat the financing of terrorism.
Non-compliance will leave offending companies liable to administrative or financial penalties, or both.
Previously, a visa page photocopy was mandatory for most transactions in the public and private sectors
Wissam H Fattouh, Secretary-General of the Union of Arab Banks, lays out the roadmap for the region’s banking institutions.
Company's appeal on the sanction was rejected by the Central Bank
Major amendments made to UAE Federal Law with aims to achieve faster and easier procedures
Customers will have now to pay Rs21 plus taxes for transactions beyond their monthly permissible limit
Note was originally released to mark country's Golden Jubilee