The Central Bank of the UAE (CBUAE) imposed a financial sanction on an exchange house operating in the UAE, levying a penalty of AED 3.5 million for failures to comply with Anti-money Laundering and Combating the Financing of Terrorism (AML/CFT) policies and procedures. The sanction was imposed pursuant to Article 14 of Federal Decree Law No. (20) of 2018 on AML/CFT and its amendments, following an examination by the CBUAE and an assessment of its findings. The CBUAE reiterated that its supervisory and regulatory mandate requires exchange houses, their owners and staff to comply with UAE laws, regulations and CBUAE standards to protect the transparency and integrity of the exchange house sector and the UAE financial system.
Central Bank of the UAE 2025-02-19
Central Bank of the UAE fines an exchange house AED 3.5 million for AML and CFT compliance failures
The Central Bank of the UAE imposed a financial penalty of AED 3.5 million on an exchange house for non-compliance with Anti-money Laundering and Combating the Financing of Terrorism policies. This enforcement action follows an examination under Article 14 of Federal Decree Law No. (20) of 2018. The CBUAE emphasized the importance of adherence to UAE laws and standards to maintain the integrity of the financial system.