The central bank imposes financial penalties on 6 exchange companies worth 12.3 million dirhams

The United Arab Emirates Bank imposed varying financial penalties on 6 exchange companies, with a total value of 12.3 million dirhams, according to Article (14) of Decree Law No. (20) of 2018 regarding facing money laundering crimes, combating terrorist financing, financing illegal organizations and amendments.

Financial penalties come based on the results of the inspections conducted by the Central Bank, which showed the existence of failures and violations in the six companies related to the lack of 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.