The central bank imposes a fine of 100 million dirhams on an exchange company

The United Arab Emirates Bank imposed a fine of 100 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.
According to a press release issued today, the financial punishment comes based on the results of the inspections conducted by the Central Bank on the exchange company, which revealed the existence of severe failures in the context of facing money laundering, terrorist financing, financing of illegal organizations, and relevant legislation.
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 within the framework of efforts to protect the state’s financial system.