The Central Bank imposes a financial penalty on an exchange company worth two million dirhams

The United Arab Emirates Bank imposed a 2,000,000 dirhams on one of the exchange companies, according to Article 137 of Decree Law No. 14 of 2018 regarding the Central Bank and the organization of facilities and financial activities and its amendments.

The financial punishment comes based on the results of the inspections conducted by the Central Bank, which revealed the exchange company’s failure to comply with the policies and procedures prescribed in the face of money laundering, terrorist financing and the financing of illicit organizations.

The central bank, through its supervisory and regulatory duties, works to ensure the commitment of all exchange companies, their owners and employees to the laws in force in the United Arab Emirates, and the regulations and standards adopted by it, with the aim of preserving the transparency and integrity of exchange business and protecting the state’s financial system.