CBUAE imposes over Dh1 million sanction on exchange house for multiple violations

CBUAE imposes over Dh1 million sanction on exchange house for multiple violations

The Central Bank of the UAE (CBUAE) imposed a financial sanction on an exchange house operating in the UAE under Article 137 of Decretal Federal Law No. (14) of 2018, regarding the Central Bank & Organization of Financial Institutions and Activities. The CBUAE fined the exchange house Dh1,050,000 for failing to conduct exchange activities only on licensed premises, using an approved Cash-in-Transit Agent when transporting cash, and reporting violations to the CBUAE immediately. Through its supervisory and regulatory mandates, the CBUAE ensures that all exchange houses, their owners, and staff adhere to UAE laws, regulations, and standards adopted by the CBUAE to ensure transparency and accountability. BKM/ Expat Media

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