UAE Central Bank Imposes Sanctions on Exchange House for Money Laundry
- Publish date: Thursday، 22 December 2022 Reading time: 1 min read | Last update: Saturday، 21 December 2024
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The Central Bank of the UAE (CBUAE) has imposed a financial sanction on an exchange house operating in the UAE, pursuant to Article 14 of the Federal Decree Law No. 20 of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Financing of Illegal Organisations, and Article 137 of the Decretal Federal Law No.14 of 2018 regarding the Central Bank & Organisation of Financial Institutions and Activities.
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The financial sanction comes as a result of the examination findings conducted by the CBUAE and revealed that the exchange house had a weak compliance framework regarding the required due diligence policies and procedures to prevent money laundering and financing of terrorism.
Accordingly, the CBUAE imposed a fine of AED5,220,858 on the exchange house.
This article was previously published on UAE Moments. To see the original article, click here