UAE: Exchange house fined Dh5.2 million for violating anti-money laundering laws

Investigation found it did not adhere to due diligence policies and procedures



By Web Desk

Published: Wed 27 Jul 2022, 12:14 PM

Last updated: Wed 27 Jul 2022, 4:22 PM

A money exchange house operating in the UAE has been fined Dh5.2 million over its weak compliance with regulations related to prevention of money laundering and financing of terrorism.

An investigation conducted by the Central Bank of the UAE (CBUAE) found the exchange house did not adhere to due diligence policies and procedures.

The banking regulator said it imposed the financial penalty in accordance with Article 14 of the Federal Decree Law No. (20) of 2018 on anti-money laundering and combating the financing of terrorism and financing of illegal organisations, and Article 137 of the Decretal Federal Law No. (14) of 2018 regarding the Central Bank and organisation of financial institutions and activities”.

"The CBUAE, through its supervisory and regulatory mandates, works to ensure that all exchange houses, their owners and staff abide by the UAE laws, regulations and standards … to safeguard the transparency and integrity of the … UAE financial system,” the regulator said.

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