The United Arab Emirates Bank imposed a financial penalty on one of the exchange companies operating in the country, according to Article 14 of the Decree of Federal Law No. 20 of 2018 regarding facing money laundering crimes, combating terrorist financing and financing illegal organizations.
The bank imposed the financial penalty of 3.5 million dirhams after assessing the inspection results it conducted on the exchange company and revealed its lack of compliance with the policies and procedures for facing money laundering, combating terrorist financing and financing illegal organizations.
The central bank, through its supervisory and regulatory tasks, works to ensure the commitment of all exchange companies, their owners and employees to the laws in force in the UAE, regulations and standards approved by it in order to preserve the transparency and integrity of exchange companies and protect the state’s financial system.
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