UAE Central Bank imposes sanctions on exchange house owner, manager for violations

The Central Bank of the UAE (CBUAE) on Wednesday said it imposed administrative sanctions on the owner and general manager of an exchange house operating in the UAE for violating the regulations.

A statement issued by the regulator said the sanctions were imposed after an investigation conducted by the Central Bank revealed that the exchange house had rented out its licence.

The Central Bank instructed the owner to rectify the violation and prohibited the exchange house from conducting any operations and activities until the remediation is complete.

The regulator also prohibited the general manager from undertaking any designated function at any licensed financial institution in the country other than the exchange house in question for one year.

The Central Bank, 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 exchange houses’ business and the UAE financial system.

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