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The UAE Central Bank imposed a financial penalty on an exchange company operating in the country, in accordance with the provisions of Article (14) of Federal Decree-Law No. (20) of 2018 regarding countering money laundering and combating the financing of terrorism and financing illegal organizations, and the provisions of Article (137) of the Federal Decree-Law No. (14) of 2018 regarding the Central Bank and the regulation of financial facilities and activities.
The financial penalty, amounting to 4,800,000 dirhams, comes after deciding on the exchange company’s appeal against the results of the inspections conducted by the Central Bank, which showed the weakness of the company’s compliance framework with regard to risk analysis requirements, and the shortcomings in the policies and measures taken in enhanced due diligence. To prevent money laundering and terrorist financing.
The Central Bank works, through its supervisory and regulatory functions, to ensure that all licensed financial institutions in the country, including exchange companies, their owners and employees, comply with the laws and regulations in force in the country, and the regulations and standards issued by the Central Bank, to maintain the transparency and integrity of the work of exchange companies, and to protect the financial system of the state. .
