UAE Central Bank Imposes Dh100 Million Fine on Exchange House for Anti-Money Laundering Failures
The Central Bank of the UAE (CBUAE) fined an exchange house Dh100 million for major anti-money laundering violations, marking the second hefty penalty in two weeks. The bank emphasizes strict compliance to protect the UAE’s financial system integrity.
Abu Dhabi: The Central Bank of the UAE (CBUAE) has imposed a Dh100 million fine on a second exchange house within two weeks, following an investigation that revealed significant violations of anti-money laundering (AML) regulations.
According to the CBUAE, the penalty resulted from examinations that uncovered major shortcomings in the exchange house’s AML framework, including failures to comply with rules on combating the financing of terrorism and illegal organizations.
This latest fine follows a similar action just one week prior, where another exchange house was penalized Dh200 million for serious AML and terrorism financing control deficiencies. In that case, the branch manager was also fined Dh500,000 and barred from working in any licensed financial institution within the UAE.
The recent financial sanction was issued under Article 137 of Decretal Federal Law No. 14 of 2018, which governs the UAE’s central banking and financial regulatory framework.
The CBUAE reaffirmed its commitment to ensuring that all exchange houses, their owners, and employees strictly adhere to UAE laws and regulatory standards. The central bank emphasized that preserving transparency and integrity within the nation’s financial system remains a top priority.
