Picture for illustrative purposes only. ARCHIVE

A branch manager of a UAE-based money exchange has been slapped with a Dh500,000 fine and permanently banned from holding any position within licensed financial institutions in the country after being found guilty of breaching anti-money laundering laws. The Central Bank of the UAE (CBUAE) announced on Tuesday (May 20) that it has also imposed a separate Dh200 million fine on the exchange house involved in the violations. The identity of the branch manager and the name of the exchange house were not disclosed. The financial penalties were issued under the UAE Federal Law concerning the Central Bank and the Organisation of Financial Institutions and Activities. The sanctions followed a thorough investigation and examination by the CBUAE, which revealed "significant failures in the Exchange House’s Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organisations framework, and related regulations." In a statement, the CBUAE reiterated its commitment to upholding the integrity of the UAE's financial system, saying: “The CBUAE, through its supervisory and regulatory mandates, endeavours to ensure that all exchange houses, their owners, and staff abide by the UAE laws, regulations and standards established by the CBUAE to maintain transparency and integrity of financial transactions.” ICA/Expat Media
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