Abu Dhabi: The Central Bank of the UAE (CBUAE) has imposed a financial sanction amounting to AED2,000,000 on an exchange house operating within the UAE. This action is pursuant to Article 137 of the Decretal Federal Law No. 14 of 2018, which pertains to the Central Bank and Organisation of Financial Institutions and Activities, along with its amendments.
According to Emirates News Agency, the financial penalty follows an examination conducted by the CBUAE, which uncovered non-compliance by the exchange house with Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) policies and procedures. This non-compliance prompted the CBUAE to take action to preserve the integrity of the financial system.
The CBUAE is committed to ensuring that all exchange houses, their owners, and staff adhere to UAE laws, regulations, and standards. This regulatory oversight aims to maintain transparency and integrity within the exchange house industry and the broader UAE financial system.