The UAE Central Bank on Monday said it imposed administrative sanctions on two exchange houses for violating rules pertaining to anti-money laundering and combating financing of terrorism and illegal organisations.
The regulator imposed Dh500,000 fine on one firm and Dh950,000 on another company for having weak anti-money laundering and combating financing of terrorism (AML/CFT) compliance frameworks.
The administrative sanctions were imposed on October 4, 2020.
“As the supervisory authority of the exchange houses operating in the UAE, Central Bank is committed to ensuring all exchange houses abide by UAE laws and the regulations and standards set out by the Central Bank, in an effort to safeguard the transparency and integrity of the transactions of exchange houses,” the regulator said in a statement on Monday.
The Central Bank has taken a number of initiative in the last few months about money laundering and fighting terror financing.
In September, the Central Bank made it mandatory for the “Hawala” operators to register within 90 days and failure to follow instruction will attract financial penalty and imprisonment.
All activities of the “Hawala” operators will be subject to registration, monitoring and scrutiny in accordance with the law and the anti-money laundering and countering financing of terrorism regulations in the country.
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