The Central Bank of the UAE (CBUAE) on Wednesday said it imposed sanctions on an exchange house operating in the UAE for "failing to comply with anti-money laundering and combating the financing of terrorism policies."
The financial authority also reportedly imposed a penalty of AED 3.5 million to the exchange house, which it has not named.
"The CBUAE, through its supervisory and regulatory mandates, works to ensure that all exchange houses, their owners, and staff abide by the UAE laws, regulations and standards adopted by the CBUAE to safeguard the transparency and integrity of the exchange houses industry and the UAE financial system," a statement by the Bank said.
The #CentralBankUAE imposed financial sanction on an exchange house operating in the UAE, pursuant to Article 14 of the Federal Decree Law No. (20) of 2018 on Anti-money Laundering and Combating the Financing of Terrorism and Illegal Organisations and its amendments.
— Central Bank of the UAE (@centralbankuae) February 19, 2025
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