Abu Dhabi, United Arab Emirates – The Central Bank of the United Arab Emirates imposed a fine on an exchange company, amounting to 10,700,000 dirhams, pursuant to Article 14 of Federal Decree-Law No. 20 of 2018 regarding combating money laundering crimes, combating the financing of terrorism, and financing illegal organizations, and its amendments.
The financial penalty is based on the results of inspections by the Central Bank, which revealed the exchange company’s failure to comply with established policies and procedures to combat money laundering, terrorist financing, financing of illegal organizations, and sanctions.
Through its supervisory and regulatory duties, the Central Bank is responsible for ensuring that exchange companies, their owners and employees adhere to the laws in force in the United Arab Emirates, and the regulations and standards approved by it, with the aim of maintaining the transparency and integrity of the exchange sector, and protecting and stabilizing the state’s financial system.
