The Central Bank of the UAE (CBUAE) has imposed a fine of AED 1.05 million on an exchange house for violating rules.
According to the national news agency WAM, the exchange house carried out transactions in unlicensed premises.
It also violated rules around using an "approved cash-in-transit agent when transporting cash" and had delayed reporting the violations to the CBUAE.
It's part of efforts by the authorities to ensure "all exchange houses, owners and staff abide by the UAE laws" that's set "to safeguard the transparency and integrity of the exchange houses’ business and the UAE financial system".
Debris from interception hits Dubai building, no injuries
UAE orders arrest of 10 for publishing misleading online content
Abu Dhabi Police arrest 45 for filming incident sites, sharing rumours
UAE Cyber Security Council warns against 'Wiper' malware
Dubai Police crack down on noisy cars, illegal modifications
UAE President, Ethiopian PM discuss boosting economic, development ties
UAE air forces respond to more missile threats on Friday
UAE air defences intercept 7 ballistic missiles and 27 drones on Friday
