A money exchange operating within the UAE has been penalized with a fine of Dh4.8 million due to its inadequate compliance measures aimed at preventing money laundering and the financing of terrorism.
The exchange lacked a comprehensive risk analysis and did not have proper due diligence policies and procedures in place.
The Central Bank of the UAE (CBUAE) imposed this financial penalty in accordance with federal legislation concerning anti-money laundering, combating the financing of terrorism, and illegal organizations. The specific exchange house was not named by the CBUAE.
The central bank emphasized its commitment to ensuring that all exchange houses, their proprietors, and staff adhere to the relevant laws, regulations, and standards of the UAE. These measures are designed to maintain the transparency and integrity of the country’s financial system.
