The Central Bank imposes a financial penalty on an exchange company operating in the country
The Central Bank of the United Arab Emirates 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 and combating the financing of terrorism and the financing of illegal organizations, and Article 137 of Federal Decree-Law No. 14 / for the year 2018 regarding the Central Bank and the regulation of financial institutions and activities.
The Central Bank conducted a field inspection of the exchange company, the results of which revealed that the exchange company has a weak compliance framework with regard to the due diligence policies and procedures required to prevent money laundering and terrorist financing. Accordingly, the Central Bank imposed a fine of 5,220,858 dirhams on the company.
The Central Bank, through its supervisory and supervisory functions, works to ensure that all exchange companies operating in the UAE, and their owners and employees, comply with the laws in force in the country and the regulations and standards approved by the Central Bank, with the aim of maintaining the transparency and integrity of the exchange companies' work and protecting the country's financial system.
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