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UAE: Man fined Dh600,000 for violating anti-money laundering law

Wam/Abu Dhabi
Filed on February 25, 2021
Photo: Wam

The person had no authorisation to undertake a function that required prior approval from the Central Bank.

The Central Bank of the UAE (CBUAE) 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.

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In a statement, CBUAE 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 & Organisation of Financial Institutions and Activities.

The Central Bank 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, CBUAE added.

As the supervisory authority of exchange houses operating in the UAE, the CBUAE is actively overseeing that all exchange houses, their owners, and staff abide by the UAE laws, regulations and standards adopted to safeguard the transparency and integrity of the exchange houses’ business.





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