The Central Bank of the UAE imposed a financial sanction of 200 million on an exchange house, citing examination findings of significant failures in its Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organizations framework. The sanction was imposed pursuant to Article 137 of Decretal Federal Law No. 14 of 2018 on the Central Bank and Organization of Financial Institutions and Activities, as amended. A further financial sanction of 500,000 was imposed on a branch manager, who was also prohibited from holding any position within any licensed financial institutions in the UAE.
Central Bank of the UAE 2025-05-20
Central Bank of the UAE imposes 200 million financial sanction on an exchange house for AML CFT failures
The Central Bank of the UAE imposed a financial sanction of 200 million AED on an exchange house for significant failures in its Anti-Money Laundering and Combating the Financing of Terrorism framework, under Article 137 of Decretal Federal Law No. 14 of 2018. Additionally, a 500,000 AED sanction was imposed on a branch manager, who is now barred from holding any position within licensed financial institutions in the UAE.