The Central Bank imposes penalties on an unauthorized person associated with a money exchange company
The Central Bank supervises the compliance of exchange houses, their owners and employees with the laws in force.
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The Central Bank stated yesterday that, on January 31, 2021, the imposition of financial and administrative penalties on an unauthorized individual related to a money exchange company operating in the country, in accordance with the provisions of Article (14) of the Federal Decree-Law No. (20) of 2018 regarding confronting laundering Funds and combating the financing of terrorism and the financing of illegal organizations, and Article (137) of Federal Decree-Law No. (14) of 2018 regarding the Central Bank and the regulation of financial institutions and activities.
In a statement, the Central Bank stated that it imposed a fine of 600,000 dirhams on the unauthorized individual, and prevented him from carrying out any future tasks related to licensed financial institutions in the state.
He added that the individual did not have the authority to perform a task that required prior approval from the Central Bank, according to Article (137) of Federal Decree-Law No. (14) of 2018.
The Central Bank indicated that, as the supervisory authority for money changers operating in the country, it effectively 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.
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