The UAE reaffirmed its consistent rejection of all forms of violence targeting civilians and undermining security and stability
uae4 hours ago
The UAE Central Bank has fined six hawala operators Dh350,000 in violation of the country’s Anti Money Laundering and Combatting the Financing of Terrorism and Financing of Illegal Organisations (AML/CFT) laws.
A statement issued on Wednesday said hawala providers were penalised for not registering on the regulator’s GoAML reporting system on time.
“The Central Bank imposed a financial sanction of Dh50,000 on each, with a doubled amount for one Hawala provider with a prior violation of a similar nature. The Central Bank allowed ample time for all registered Hawala providers operating in the UAE to register on the GoAML system, who were informed that further delays would result in penalties under the AML/CFT Law,” it said in a statement on Wednesday.
Hawala is a traditional system of transferring money whereby the money is paid to an agent who then instructs an associate in the relevant country or area to pay the final recipient. As a result of these transactions, no record is maintained, hence, the funds can be misused for money laundering and terror financing.
In November 2020, the Central Bank had urged non-registered Hawala providers which operate in the UAE to officially register and obtain a certificate before December 2, 2020.
ALSO READ:
The regulator has tightened its anti-money laundering and counter-terror financing regulations as part of the Financial Action Task Force (FATF) framework.
On Tuesday, the apex bank fined a bank Dh19.5 million operating in the country for violating AML/CFT regulations.
It asked all hawala providers to abide by UAE laws and Central Bank regulations and standards, to safeguard the transparency and integrity of their transactions.
waheedabbas@khaleejtimes.com
The UAE reaffirmed its consistent rejection of all forms of violence targeting civilians and undermining security and stability
uae4 hours ago
While you should definitely carry a jacket in the evenings, you should keep an umbrella at hand if you're heading to these areas
weather5 hours ago
A young child was among the dead, and more than 60 people were injured, some of them seriously
europe5 hours ago
Uthappa has represented India in 59 international matches and has been a popular figure in the Indian Premier League
sports5 hours ago
Research shows it is most common among teenagers and young adults, primarily because this age group places high value on peer validation
mental health6 hours ago
The licence can only be obtained after completing the required initial training with an accredited institution
aviation6 hours ago
These perks can make a significant difference in your professional and personal life — so, if you're on a job hunt, take notes
jobs6 hours ago
'This is an important milestone in dispensation of justice to the nation,' the Inter-Services Public Relations said in a statement
asia6 hours ago