The Central Bank of the UAE (CBUAE) has taken firm action against a local exchange house, imposing a steep penalty of Dh200 million following grave breaches of anti-money laundering (AML) and counter-terrorism financing laws.
Alongside the corporate fine, a branch manager was personally penalized with a Dh500,000 fine and permanently banned from working at any licensed financial institution in the country.
These sanctions were handed down in accordance with Article 137 of Decretal Federal Law No. (14) of 2018 and its subsequent amendments, which govern financial oversight and institutional conduct in the UAE.
Following thorough inspections, the CBUAE found critical failures in the exchange house’s AML controls and compliance mechanisms. The findings highlighted lapses that posed significant risks to the integrity of the financial system.
In a statement, the Central Bank reaffirmed its zero-tolerance stance on financial misconduct, stressing that “all exchange houses, their owners, and employees must adhere fully to the laws of the UAE and the regulations of the Central Bank.”