UAE money exchange house fined Dh2 million for anti-money laundering violations

The Central Bank of the UAE (CBUAE) has imposed a financial penalty of Dh2 million on an exchange house operating in the country for failing to comply with anti-money laundering and counter-terrorism financing (AML/CFT) regulations.

The fine was issued under Article 137 of Decretal Federal Law No. (14) of 2018, which governs the Central Bank and the regulation of financial institutions in the UAE.

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The penalty follows an investigation by the CBUAE, which uncovered deficiencies in the exchange house's adherence to required AML/CFT policies and procedures.

The CBUAE reiterated its commitment to maintaining the transparency and integrity of the UAE’s financial system. Through its regulatory role, the bank ensures that all exchange houses, along with their owners and staff, comply fully with UAE laws and standards.

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Written by

Khaleej Times Staff