Abu Dhabi :The UAE Central Bank has imposed a fine of AED 10.7 million on an exchange house for violating provisions of the Federal Decree Law No. 20 of 2018, which pertains to anti-money laundering and countering the financing of terrorism and illegal organizations.According to the Central Bank, the penalty was levied due to the exchange house’s failure to comply with legal and regulatory obligations designed to prevent the financing of terrorism and illicit activities.
The Central Bank emphasized the importance of maintaining transparency and integrity in the exchange house sector and reiterated that all exchange houses, their owners, and employees must adhere strictly to the UAE’s laws, regulations, and standards. The move is part of broader efforts to ensure the resilience and reputation of the country’s financial system
