An UAE-based money exchange has incurred a fine of Dh4.8 million due to its inadequate compliance framework in preventing money laundering and the financing of terrorism. The exchange failed to implement the necessary risk analysis and due diligence policies and procedures.
The Central Bank of the UAE (CBUAE) imposed this financial penalty in accordance with federal laws governing anti-money laundering and the combatting of terrorism financing and illegal organizations. While the CBUAE did not disclose the exchange house’s identity, it emphasized its commitment to ensuring that all exchange houses, along with their owners and staff, adhere to UAE laws, regulations, and standards that uphold transparency and the integrity of the country’s financial system.
