UAE Central Bank penalises exchange firm over anti-money laundering failure

Image: UAE Central Bank

The Central Bank of the UAE (CBUAE) has imposed a financial sanction of Dhs10.7m on an exchange house for failing to comply with anti-money laundering and counter-terrorism financing (AML/CFT) regulations, as well as sanctions obligations.

The action was taken under Article (14) of Federal Decree Law No. (20) of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organisations, following an examination by the CBUAE that revealed significant compliance failures.

In a statement, the CBUAE reaffirmed its commitment to maintaining the transparency and integrity of the exchange house sector. The regulator emphasised its supervisory mandate to ensure that all licensed exchange houses, their owners, and employees adhere to the UAE’s laws and the standards it has established to protect the country’s financial ecosystem.