The Central Bank of the UAE imposed a financial sanction of AED 800,000 on an exchange house operating in the UAE after an examination found it failed to comply with anti-money laundering and counter-terrorist financing policies and procedures. The sanction was imposed pursuant to Article (137) of Decretal Federal Law No. (14) of 2018 on the Central Bank and Organisation of Financial Institutions and Activities, as amended. The CBUAE framed the action as part of its supervisory and regulatory mandate to ensure exchange houses, their owners and staff comply with UAE laws, regulations and CBUAE standards.
Central Bank of the UAE 2025-07-21
Central Bank of the UAE imposes AED 800,000 financial sanction on an exchange house for ML CFT compliance failures
The Central Bank of the UAE imposed a financial sanction of AED 800,000 on an exchange house for non-compliance with anti-money laundering and counter-terrorist financing policies. This action, under Article (137) of Decretal Federal Law No. (14) of 2018, aligns with the CBUAE's mandate to enforce compliance with UAE laws and standards.