The Central Bank of the UAE imposed a financial sanction of AED 3,500,000 on an exchange house after an examination found failures to comply with anti-money laundering and counter-terrorist financing (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 the CBUAE’s assessment of the examination findings. The action reflects the CBUAE’s supervisory and regulatory mandate over exchange houses, their owners, and staff to ensure adherence to UAE laws, regulations, and CBUAE standards.
Central Bank of the UAE 2025-06-02
Central Bank of the UAE fines an exchange house AED 3.5 million for AML CFT compliance failures
The Central Bank of the UAE imposed a financial sanction of AED 3,500,000 on an exchange house for non-compliance with anti-money laundering and counter-terrorist financing policies. This action, under Article 14 of Federal Decree Law No. 20 of 2018, underscores the CBUAE's regulatory mandate to enforce adherence to UAE laws and standards.