The central bank imposed it after the company failed to comply with anti-money laundering frameworks

352 thousand dirhams, a financial penalty for an exchange company

On December 13, 2021, the Central Bank of the Emirates imposed a financial penalty on a money exchange company operating in the country, pursuant to the provisions of Article (14) of Federal Decree-Law No. (20) of 2018 in the matter of countering money laundering, combating terrorist financing and financing illegal organizations, and related resolutions Issued by the Council of Ministers and the Board of Directors of the Central Bank.

And the Central Bank stated, in a statement yesterday, that the imposition of the financial penalty, amounting to 352,000 dirhams, comes as a result of the exchange company's failure to achieve adequate levels of compliance with the frameworks for combating money laundering, and penalties, by the time specified by law.

The Central Bank confirmed that it allowed all exchange companies operating in the country a sufficient period of time to address any shortcomings, and verify compliance in accordance with the provisions of Federal Decree Law No. (20) of 2018 and its executive regulations, while informing them of imposing the penalties contained in the law, in the event of any Additional irregularities or deficiencies.

The Central Bank added that it works continuously with all financial institutions in the country to achieve and maintain high levels of compliance to counter money laundering and combat the financing of terrorism, while imposing administrative or financial penalties, or both, in accordance with the law, in cases of non-compliance.

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