UAE exchange houses fined over money laundering failings

UAE Central Bank Fines Six Exchange Houses AED 12.3 Million Over AML Breaches - Fintechnews Middle East

The Central Bank of the UAE (CBUAE) has imposed financial penalties totalling AED 12.3 million on six exchange houses operating in the country. These sanctions were issued in accordance with Article (14) of Federal Decree Law No. (20) of 2018 concerning Anti-Money Laundering (AML), Combating the Financing of Terrorism (CFT), and the financing of illegal organisations, along with its subsequent amendments. The penalties followed thorough inspecti…

UAE exchange houses fined over money laundering failings

Six houses penalised Central Bank enforces rules UAE fights illicit finance The Central Bank of the UAE has imposed financial penalties on six exchange houses in the UAE for failing to comply with anti-money laundering controls. The exchange houses, whose names were not revealed, were fined AED12.3 million ($3.4 million), the central bank said in a statement. The sanctions were imposed based on the findings of investigations conducted by the cen…