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The Central Bank of the UAE has imposed sanctions on a non-authorised individual related to an exchange house operating in the UAE, after the person carried out a function without prior approval from the central bank.
In a statement, the regulator said the individual violated the law on Anti-Money Laundering and Combating the Financing of Terrorism and Financing of Illegal Organisations, and the Federal Law on Central Bank and Organisation of Financial Institutions and Activities.
It imposed a financial sanction of Dh600,000 on the individual and prohibited him from undertaking any future functions related to licensed financial institutions in the UAE.
The individual had no authorisation to undertake a function that required prior approval from the Central Bank as per article 137 of the Decretal Federal law No (14) of 2018, the regulator added.
The central bank is actively overseeing that all exchange houses, their owners and staff abide by the UAE laws, regulations and standards adopted by the central bank to safeguard the transparency and integrity of the exchange houses’ business.
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