UAE: Exchange house fined Dh352,000 for violating anti-money laundering laws

The Central Bank has been working continuously with institutions in the country to combat financial crime

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By Web Desk

Published: Mon 27 Dec 2021, 10:58 AM

Last updated: Mon 27 Dec 2021, 9:55 PM

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.

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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.

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Web Desk

Published: Mon 27 Dec 2021, 10:58 AM

Last updated: Mon 27 Dec 2021, 9:55 PM

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