The Central Bank fine an exchange company of 496 thousand dirhams
Yesterday, the Central Bank revealed that on April 18, 2021, it imposed a financial penalty on a money exchange company operating in the country, in accordance with the provisions of Article (14) of Federal Decree-Law No. (20) of 2018 regarding countering money laundering, combating the financing of terrorism and financing illegal organizations.
In a statement, the Central Bank stated that the results of its inspection revealed that the framework for the exchange company’s compliance with the requirements of combating money laundering and combating terrorist financing is weak.
The central bank took into account the money exchange company's poor historical compliance record and imposed a fine of 496,000 dirhams.
As the supervisory authority for money changers operating in the country, the Central Bank actively supervises the compliance of all money changers, their owners and employees with the laws in force in the country, and the regulations and standards approved by the Central Bank, with the aim of preserving transparency and integrity in the business of money changers.
Follow our latest local and sports news, and the latest political and economic developments via Google news