The UAE Central Bank. ARCHIVE

The Central Bank of the UAE (CBUAE) has imposed a Dh2 million fine on a money exchange company operating in the country for failing to comply with policies on anti-money laundering (AML) and combating the financing of terrorism (CFT). The financial penalty was issued under the Federal Law on the Central Bank and Organisation of Financial Institutions and Activities, following the results of a formal investigation and compliance examination conducted by the CBUAE. The Central Bank’s inspection revealed significant deficiencies in the exchange house’s adherence to AML/CFT procedures, prompting the regulatory action. The name of the exchange house was not disclosed. “The CBUAE, through its supervisory and regulatory mandates, works to ensure that all exchange houses, their owners, and staff abide by UAE laws, regulations, and standards,” the Central Bank said in a statement, stressing the importance of safeguarding transparency and integrity in the country’s financial sector. The Central Bank reaffirmed its commitment to maintaining a robust regulatory environment that deters financial crimes and protects the UAE’s standing as a trusted global financial hub. ICA/Expat Media
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