CBUAE imposes financial sanction on exchange house

WAM
19 Feb 2025, 20:16 GMT+10

ABU DHABI, 19th February, 2025 (WAM) -- The Central Bank of the UAE (CBUAE) imposed financial sanction on an exchange house operating in the UAE, pursuant to Article 14 of the Federal Decree Law No. (20) of 2018 on Anti-money Laundering and Combating the Financing of Terrorism and Illegal Organisations and its amendments.

The financial penalty of AED3.5 million has been imposed after assessing the findings of an examination conducted by the CBUAE, which revealed that the exchange house failed to comply with Anti-money Laundering and Combating the Financing of Terrorism policies and procedures.

The CBUAE, through its supervisory and regulatory mandates, works to ensure that all exchange houses, their owners, and staff abide by the UAE laws, regulations and standards adopted by the CBUAE to safeguard the transparency and integrity of the exchange houses industry and the UAE financial system.

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Middle East Star.

More Information

null in null

International Business

Section

French farmers jam Paris roads in push for eased regulations

French farmers bring tractors to Paris to press for ease in rules

PARIS, France: French farmers brought traffic to a crawl around Paris and gathered outside the National Assembly on May 26, using their...

AI likely to impact entry level jobs, unemployment could rise sharply: Jefferies

New Delhi [India], June 2 (ANI): The impact of Artificial Intelligence (AI) on the job market is expected to fall on entry-level white-collar...

Arson, Lies, And Russian Flags Fail To Halt Bulgaria On Euro Adoption

Bulgarian authorities expect to get the green light this week from the European Commission and the European Central Bank to introduce...

Consumers exploited due to lack of sufficient competition: says Congress' P Chidambaram

New Delhi [India], June 1 (ANI): Highlighting that profit must be shared among promoters, shareholders, labour, government, consumers,...

India's forex reserves jump about $7 billion in week ending May 23

New Delhi [India], June 1 (ANI): India's foreign exchange reserves (forex) jumped USD 6.992 billion to USD 692.721 billion in the week...

Speaker of Arab Parliament congratulates Shaikha Al Nowais on her election as UNWTO Secretary General

Cairo [Egypt], June 1 (ANI/WAM): Mohammed bin Ahmed Al Yamahi, Speaker of the Arab Parliament, has congratulated Shaikha Nasser Al...

International

Section