iPhone | iPad
Android
Huawei
Nation allocated Dh200 billion to investments in clean energy projects locally until 2030
KT APPDOWNLOAD
UAE Central Bank fines money exchange house Dh4.8 million for violating laws
Company did not have in place the 'required risk analysis' and due diligence policies and procedures
A money exchange operating in the UAE has been fined Dh4.8 million over its "weak compliance framework" to prevent money laundering and the financing of terrorism.
The exchange did not have in place the "required risk analysis" and due diligence policies and procedures.
The Central Bank of the UAE (CBUAE) imposed the financial sanction as per a federal law on anti-money laundering and combating the financing of terrorism and Illegal organisations. The CBUAE did not identify the exchange house.
It said it works to "ensure that all exchange houses, their owners and staff" abide by the applicable UAE laws, regulations and standards that "safeguard transparency and integrity" of the country's financial system.
ALSO READ:
More news from Business
In the past, several ‘post box’ entities operated out of Mauritius only to secure the tax benefit in India
77% wouldn’t engage with a brand using AI, for at least some services
National Tourism Strategy 2031 aims to increase the contribution of the UAE tourism sector to the national GDP to Dh450 billion
Customer deposits and Islamic customer deposits increased by 2.5% to reach Dh39.5 billion
Annual rents in Dubai are usually paid in two, four or six instalments via post-dated cheques
Saudi Arabia has begun to explore extracting lithium from sea water
RPM reported net profit of Dh49.39 million during 2023