Abu Dhabi: The Central Bank of the UAE (CBUAE) imposed financial sanctions totaling AED12,300,000 on six exchange houses in the UAE. These penalties were enforced under Article (14) of the Federal Decree Law No. (20) of 2018 concerning Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organisations.
According to Emirates News Agency, the financial sanctions were based on examinations conducted by the CBUAE. These examinations uncovered violations and failures of the six exchange houses to comply with the Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) framework and related regulations.
The CBUAE is committed to ensuring that all exchange houses, their owners, and staff adhere to UAE laws, regulations, and standards. The regulatory body aims to maintain transparency and integrity in financial transactions and protect the UAE's financial system through its supervisory and regulatory mandates.