Abu Dhabi: The Central Bank of the UAE (CBUAE) imposed a financial sanction of AED200 million on an exchange house, pursuant to Article 137 of the Decretal Federal Law No. 14 of 2018 Regarding the Central Bank and Organization of Financial Institutions and Activities, and amendments thereto.
According to Emirates News Agency, the financial sanction is based on the results of examinations conducted by the CBUAE, which revealed failures in the exchange house's Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organizations framework, and related regulations.
Furthermore, a financial sanction of AED500,000 was imposed on a branch manager, who has also been prohibited from holding any position within any licensed financial institutions in the UAE.
The CBUAE, through its supervisory and regulatory mandates, aims to ensure that all exchange houses, their owners, and staff comply with UAE laws, regulations, and standards established by the CBUAE to maintain transparency and integrity of financial transactions and safeguard the UAE financial system.