Picture for illustrative purposes only. ARCHIVE

The Central Bank of the UAE fined a money exchange company Dh4.8 million for its “weak compliance framework” against money laundering and terrorism financing, according to state news agency WAM on Thursday (August 10). The fine came after an investigation by the Central Bank revealed that the money exchange company had weak business policies to prevent money laundering and financing of terrorism. Earlier this week, the Central Bank also shut down another money exchange company and revoked its licence over “serious misconduct” under the UAE’s anti-money laundering law. ICA/Expat Media ALSO READ: UAE Central Bank shuts major money exchange company
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