The Central Bank of the UAE has slapped three money exchange firms with a combined fine of AED 4.1 million after uncovering lapses in their compliance with anti-money laundering and counter-terrorism financing regulations.
The penalties were issued following a detailed investigation that revealed significant weaknesses in the companies’ adherence to required AML/CFT controls. The action was taken under Article 137 of the Decretal Federal Law No. (14) of 2018, which empowers the Central Bank to regulate financial institutions across the country.
In a statement, the CBUAE reaffirmed its commitment to safeguarding the integrity of the UAE’s financial system, stressing the importance of rigorous enforcement of regulatory standards across all exchange houses. It also underscored that compliance is expected not just from institutions but also from their owners and staff.