Money exchange company in UAE fined Dh5.2 million

Money exchange company in UAE fined Dh5.2 million

A money exchange company in the UAE has been fined Dh5.2 million for violating the country’s anti-money laundering law. The fine was imposed by the Central Bank of the UAE according to the federal decree law on Anti-Money Laundering and Combating the Financing of Terrorism and Financing of Illegal Organisations. The authority did not name the money exchange company. An investigation by the Central Bank of the UAE found that the exchange house had a “weak compliance framework regarding the required due diligence policies and procedures to prevent money laundering and financing of terrorism”. The statement reads: “The CBUAE, through its supervisory and regulatory mandates, works to ensure that all exchange houses, their owners and staff abide by the UAE laws, regulations and standards adopted by the CBUAE to safeguard the transparency and integrity of the exchange houses’ business and the UAE financial system”. ICA/Expat Media

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