The central bank imposes a financial penalty on an exchange company

The United Arab Emirates Bank imposed a financial penalty on one of the exchange companies, according to Article (14) of Decree of Federal Law No. (20) of 2018 regarding facing money laundering crimes, combating terrorist financing, financing illegal organizations and amendments.

The financial penalty of 3,500,000 dirhams comes, based on the results of the inspections conducted by the Central Bank, which showed the existence of failures and violations related to non -compliance with the framework of facing money laundering crimes, combating terrorist financing, financing illegal organizations, and relevant legislation.

Through its supervisory and organizational duties, the central bank works to ensure the commitment of exchange companies, their owners and employees to legislation and laws in force in the UAE, and the regulations and standards approved by it, with the aim of preserving the transparency and integrity of financial transactions in the framework of efforts to protect the state’s financial system.