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UAE: Exchange house fined Dh800,000 for violating anti-money laundering laws
The financial sanction follows an examination conducted by the Central Bank, which uncovered that the money exchange had failed to comply with policies and procedures
- PUBLISHED: Mon 21 Jul 2025, 2:40 PM UPDATED: Mon 21 Jul 2025, 3:00 PM
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A money exchange house operating within the country has been imposed a financial sanction of Dh800,000 by the Central Bank of the UAE (CBUAE), the authority announced on Monday.
The apex bank penalised the financial institute following an examination conducted by the officials. The investigation uncovered that the exchange house had failed to comply with anti-money laundering and combating the financing of terrorism (AML/CFT) policies and procedures.
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These regulatory shortcomings were deemed serious enough to warrant a financial penalty. And the fine was imposed under Article (137) of Decretal Federal Law No. (14) of 2018 concerning the Central Bank and the Organisation of Financial Institutions and Activities, along with its subsequent amendments.
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The CBUAE reaffirmed its commitment to enforcing the legal and regulatory framework that governs financial institutions in the UAE. Through its supervisory and regulatory powers, the Central Bank aims to ensure that all exchange houses, their owners, and staff operate in full compliance with UAE laws and the standards set by the regulator.
In the first week on July, three money exchange houses were fined Dh4.1 million again for failing to comply with anti-money laundering and counter-terrorism financing (AML/CFT) regulations.
On June 24, CBUAE imposed a financial penalty of Dh2 million on an exchange house for breaking the same policy.
These action by the CBUAE underscores the authority's ongoing efforts to promote transparency, integrity, and accountability in the exchange house sector, while also protecting the UAE financial ecosystem from illicit financial activity.
