UAE: Exchange house fined Dh352,000 for violating anti-money laundering laws

The Central Bank of the UAE has fined an exchange house Dh352,000 for failing to meet compliance requirements related to anti-money laundering regulations in the country.

The authority noted it has allowed all exchange companies operating in the country a sufficient period of time to address any deficiencies and verify compliance in accordance with the provisions of Federal Decree-Law No. 20 of 2018 and its executive regulations.

It has also informed such firms of penalties stipulated in the law in the event of any violations or deficiencies.

The Central Bank works continuously with all financial institutions in the country to maintain high levels of compliance to counter money laundering and combat the financing of terrorism.

• UAE businesses that must register in anti-money laundering systems