Some were allegedly found with their hands tied and stripped of their clothes, spokeswoman Ravina Shamdasani said
The UAE Central Bank has imposed financial sanctions on an exchange company for violating anti-money laundering (AML) regulations.
ALSO READ: UAE urges banks to step up fight against terrorism financing, money laundering
The regulatory fined the exchange house Dh504,000 for violating anti-money laundering and combating the financing of terrorism and illegal organisations.
“The exchange house has a weak anti-money laundering and combating financing of terrorism (AML/CFT) compliance framework. The Central Bank took the poor compliance history of the exchange house into account, and imposed a financial sanction of Dh504,000,” it said in a statement on Wednesday.
On January 31, the Central Bank imposed over Dh45.75 million fines to 11 banks for their failures to achieve appropriate levels of compliance regarding their AML and Sanctions Compliance Frameworks as at the end of 2019.
As the supervisory authority of exchange houses operating in the UAE, the Central Bank said it is committed to ensuring all exchange houses abide by UAE laws and standards to safeguard the transparency and integrity of transactions.
waheedabbas@khaleejtimes.com
Some were allegedly found with their hands tied and stripped of their clothes, spokeswoman Ravina Shamdasani said
Telco’s AGM to approve cash dividends of 40 fils per share for H2 of 2023
Company showcases Hybrid Cloud Observability at GISEC 2024
Pakistan Tehreek-e-Insaf (PTI) announced a series of protests from Friday
By understanding the tactics universities employ, students can strategically craft their applications strategy
Oil demand for road transport should peak around 2025
Some of America's most prestigious universities have been rocked by protests in recent weeks as students and other agitators take over quads
Eight teams will compete in this groundbreaking event and more than 10,000 spectators are expected to witness the inaugural edition