Undisclosed firms penalised following inspections revealing non-compliance with anti-money laundering laws
The Central Bank of the UAE (CBUAE) has imposed financial penalties totalling AED 12.3 million on six exchange houses operating in the country.
These sanctions were issued in accordance with Article (14) of Federal Decree Law No. (20) of 2018 concerning Anti-Money Laundering (AML), Combating the Financing of Terrorism (CFT), and the financing of illegal organisations, along with its subsequent amendments.
The penalties followed thorough inspections by the CBUAE, which uncovered multiple breaches of the UAE’s AML/CFT regulations.
These included failures to adhere to the established compliance framework and related regulatory obligations.
While the central bank confirmed that six exchange houses were penalised, it did not disclose their names.
As part of its supervisory and regulatory responsibilities, the CBUAE remains committed to ensuring that all licensed exchange houses, along with their proprietors and staff, fully comply with UAE laws and the standards set by the central bank.
These efforts aim to uphold the transparency and integrity of financial transactions and protect the broader financial system of the UAE.
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