​​Exchange house receives Dh1.9 million penalty for failing to follow requirements

​​Exchange house receives Dh1.9 million penalty for failing to follow requirements

The UAE Central Bank announced a Dh1.925 million penalty on an exchange house for improper due diligence and not adhering to rules to prevent money laundering. The regulator said financial fines were imposed on the unnamed exchange house after an inquiry revealed that the exchange firm "failed to obtain letters of no objection from the Central Bank to enter into certain business relationships." With billions of dollars in transactions yearly, exchange houses are a prominent stakeholder in the UAE's remittances and currency exchange market. In the past, the regulator has levied financial penalties on exchange firms for failing to follow the requirements. The investigations of the apex bank also revealed that the exchange house had "a weak compliance framework regarding the required due diligence policies and procedures to prevent money laundering and the financing of terrorism." To protect the openness and integrity of the UAE financial system, the Central Bank stated that it would guarantee that all exchange houses, their owners, and staff conform to UAE laws, regulations, and standards. BKM/ Expat Media

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