An exchange house operating in the UAE has been fined AED 352,000 for flouting anti-money laundering regulations.
The UAE's Central Bank (CBUAE) took action against the entity after it failed to achieve appropriate levels of compliance with the law on preventing money laundering and financing of terrorism.
The sanction was imposed on December 13 but the name of the exchange has not been disclosed.
CBUAE said it will continue to work closely with all financial institutions in the UAE to achieve and maintain high levels of compliance with the Anti-Money Laundering and Combatting the Financing of Terrorism and Financing of Illegal Organisations Law (AML/CFT).
All exchange houses in the UAE were instructed in the middle of 2019 to ensure compliance by the end of that year.
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