The Central Bank of the UAE (CBUAE) has imposed a fine of AED10.7 million on an exchange house for violations of anti-money laundering and counter-terrorism financing regulations.
The decision was taken after an investigation conducted by the Central Bank revealed that the exchange house failed to "comply with anti-money laundering and combating the financing of terrorism policies."
The CBUAE, through its supervisory and regulatory mandates, works to ensure that all exchange houses, their owners and staff abide by the UAE laws adopted to safeguard the transparency and integrity of the UAE financial system.
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