"Banking and Money Transfer": Fines for a limited number of money changers

  • Since the middle of last year, the Central Bank began announcing fines against violators, including banks and exchange companies.

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  • Muhammad Al-Ansari: "The fines do not exceed two cases, so they are not considered apparent, given the large number of exchange companies in the market."

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The Chairman of the Board of Directors of the Banking and Financial Transfer Group, Muhammad Al-Ansari, confirmed that “the largest percentage of exchange companies and offices have committed to implementing the new central bank system for capital, appointing auditors, and other requirements,” explaining that the fines announced against exchange companies are very limited. And it was disclosed according to the new system, and it was also done for a bank within the framework of transparency that the Central Bank is keen on.

Al-Ansari told Emirates Today that the imposition of fines is usually done after sending a number of warnings to correct the violations, and then action is taken to impose a fine, noting that the announced fines do not exceed two cases, so it cannot be said that they are apparent, given the large number of exchange companies. Working in the market.

It is noteworthy that, since the middle of last year, the Central Bank began announcing the fines it takes against violators from banks and exchange companies, and the reasons for them centered on the weakness of the framework for compliance with the requirements of combating money laundering and combating terrorist financing.

The central bank took into account the poor historical compliance record of these two companies, and imposed a fine of 504,000 dirhams.

He stated in a previous disclosure that 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, with the aim of preserving transparency and integrity in exchange transactions.

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