The Central Bank of the UAE imposed varying financial sanctions totalling 4,100,000 on three exchange houses after examinations found failures to comply with anti-money laundering and combating the financing of terrorism (AML/CFT) policies and procedures. The action was taken pursuant to Article (14) of Federal Decree Law No. (20) of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organisations and its amendments, following assessment of the examination findings.
Central Bank of the UAE imposes 4.1 million in financial sanctions on three exchange houses for AML CFT non-compliance
The Central Bank of the UAE imposed financial sanctions totaling 4,100,000 AED on three exchange houses for non-compliance with anti-money laundering and combating the financing of terrorism (AML/CFT) policies. This enforcement action follows examinations conducted under Article (14) of Federal Decree Law No. (20) of 2018 and its amendments.