The central bank imposes a fine of 200 million dirhams on an exchange company

The United Arab Emirates Bank imposed a fine of 200 million dirhams on one of the exchange companies, according to Article (137) of Decree Law No. (14) of 2018 regarding the central bank and organizing facilities and financial activities and its amendments.

The financial punishment comes based on the results of the inspections conducted by the central bank on the company, which revealed the existence of severe failures in the framework of work to counter money laundering, terrorist financing, financing of illegal organizations, and relevant legislation.

The Central Bank also imposed a financial penalty on the manager of one of the company’s branches, its value (500) thousand dirhams, and prevented him from assuming a specialized job in any licensed financial facilities in the country.

The central bank, through its supervisory and regulatory missions, works to ensure the commitment of all exchange companies, their owners and employees to legislation in force in the state, and the regulations and standards approved by it, with the aim of preserving the transparency and integrity of financial transactions in the context of efforts to protect the state’s financial system.