UAE Central Bank Imposes Financial Penalties on Six Exchange Companies
Total fines amount to 12.3 million dirhams for non-compliance with anti-money laundering regulations.
The Central Bank of the United Arab Emirates has levied varying financial penalties totaling 12.3 million dirhams against six exchange companies.
This enforcement action was taken under Article 14 of the Federal Decree Law No. 20 of 2018 concerning anti-money laundering, the combating of terrorism financing, and the funding of illegal organizations, along with its amendments.
The penalties were imposed following inspections conducted by the Central Bank, which revealed failures and violations within the six companies regarding compliance with the framework established for combating money laundering and financing of terrorism, along with related legislation.
The Central Bank's efforts focus on ensuring that exchange companies, their owners, and employees adhere to the applicable laws and regulations in the UAE, as well as to the standards and guidelines issued by the Bank.
This initiative aims to maintain the transparency and integrity of financial transactions as part of broader efforts to protect the nation’s financial system.
This enforcement action was taken under Article 14 of the Federal Decree Law No. 20 of 2018 concerning anti-money laundering, the combating of terrorism financing, and the funding of illegal organizations, along with its amendments.
The penalties were imposed following inspections conducted by the Central Bank, which revealed failures and violations within the six companies regarding compliance with the framework established for combating money laundering and financing of terrorism, along with related legislation.
The Central Bank's efforts focus on ensuring that exchange companies, their owners, and employees adhere to the applicable laws and regulations in the UAE, as well as to the standards and guidelines issued by the Bank.
This initiative aims to maintain the transparency and integrity of financial transactions as part of broader efforts to protect the nation’s financial system.
