The Central Bank fines two exchange companies and imposes administrative penalties on them

The Central Bank stated that, pursuant to the provisions of Article (14) of Federal Decree-Law No. (20) of 2018 regarding money laundering crimes and combating the financing of terrorism and the financing of illegal organizations, and on October 4, 2020, it imposed administrative penalties on two operating ATMs In the state.

In a statement today, the Central Bank stated that each of the two money exchanges had a weak compliance framework for anti-money laundering and combating terrorist financing requirements.

The Central Bank also took into account the weak historical record in compliance with both exchange, indicating that it imposed a fine of 500,000 dirhams on one of them and 950,000 dirhams on the other.

As the supervisory authority for money changers operating in the UAE, the Central Bank is obligated to ensure that money changers comply with the laws in force in the country and the regulations and standards set by the Central Bank, with the aim of maintaining transparency and integrity in exchange transactions.

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