The Central Bank of the UAE imposed varying financial sanctions totalling 4,100,000 on three exchange houses after examinations found failures to comply with anti-money laundering and combating the financing of terrorism (AML/CFT) policies and procedures. The action was taken pursuant to Article (14) of Federal Decree Law No. (20) of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organisations and its amendments, following assessment of the examination findings.
Central Bank of the UAE 2025-07-07
Central Bank of the UAE imposes 4.1 million in financial sanctions on three exchange houses for AML CFT non-compliance
The Central Bank of the UAE imposed financial sanctions totaling 4,100,000 AED on three exchange houses for non-compliance with anti-money laundering and combating the financing of terrorism (AML/CFT) policies. This enforcement action follows examinations conducted under Article (14) of Federal Decree Law No. (20) of 2018 and its amendments.