Cairo: The Central Bank of the UAE (CBUAE) imposed a financial sanction of AED10,700,000 on an exchange house, pursuant to Article (14) of the Federal Decree Law No. (20) of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organisations, and its amendments.
According to Emirates News Agency, the financial sanction was imposed after the CBUAE assessed findings from an examination that revealed non-compliance by the exchange house with AML/CFT policies, procedures, and sanctions obligations.
The CBUAE, through its supervisory and regulatory mandates, aims to ensure adherence to UAE laws, regulations, and standards by all exchange houses, their owners, and staff. This effort is part of the broader goal to maintain transparency and integrity within the exchange house industry and safeguard the UAE financial ecosystem.