The central bank imposes a financial penalty on an exchange company operating in the country
On January 28, 2021, the Central Bank of the United Arab Emirates imposed a financial penalty on an exchange company operating in the UAE, pursuant to the provisions of Article (14) of Federal Decree-Law No. (20) of 2018 in the matter of money laundering crimes, combating the financing of terrorism and financing illegal organizations.
The framework for the exchange firm's compliance with AML / CFT requirements is weak.
The central bank took into account the money exchange company's poor historical compliance record, and imposed a fine of 504,000 dirhams.
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 issued by the Central Bank, in order to maintain transparency and integrity in exchange transactions.
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