UAE: Dh3.5-million fine imposed on money exchange house for violating laws

The Central Bank of the UAE on Wednesday said it fined Dh3.5 million on an exchange house for violating its anti-money laundering and counter-terrorism laws of the country.

Without disclosing the name of the company, the regulator said the exchange house has been penalized under 14 of the Federal Decree Law No. (20) of 2018 on Anti-money Laundering and Combating the Financing of Terrorism and Illegal Organisations.

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The authority has tightened regulations and increased monitoring of the exchange houses and financial institutions to ensure that they toe the government’s line and strictly adhere to the policies.

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The company was fined after assessing the findings of an examination conducted by the Central Bank’s team, which revealed that the exchange house failed to comply with Anti-money Laundering and Combating the Financing of Terrorism policies and procedures.

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 adopted by it to safeguard the transparency and integrity of the exchange houses industry and the UAE financial system.

Last year, the Central Bank imposed a fine of Dh5 million on a bank operating in the UAE for violating anti-money laundering laws and for funding illegal organisations.