The Central Bank of the United Arab Emirates 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 an exchange company operating in the country, in accordance with the provisions of Article 137 of Federal Decree-Law No. 14 of 2018 regarding the Central Bank and the organization of financial facilities and activities. 

The financial penalty, amounting to 1,050,000 dirhams, comes as a result of the exchange company's failure to practice exchange activities in licensed premises only, and the use of an authorized agent during the money transfer process, in addition to its failure to immediately report violations to the Central Bank. 

The Central Bank of the United Arab Emirates works, through its oversight and supervisory functions, 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 preserving the transparency and integrity of the work of exchange companies and protecting the country's financial system.

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